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Ratings agency downgrades three Panama banks

Monday, October 31, 2016

Panama’s scandal plagued banking industry took another hit on Friday, with the downgrading of three banks by  ratings agency Standard & Poor’s.

The report  comes in the midst of investigations into the state owned Caja de Ahorros savings bank, with allegations that ex-president Ricardo Martinelli was linked to a decision awarding a multi-million dollar loan to a consortium  largely made up of members of his inner circle.

Source: Newsroom Panama