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