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SAO PAULO(S&P Global Ratings) April 19, 2017--S&P Global Ratings affirmed its 'B+' global scale credit rating on Banque Heritage Uruguay SA. The outlook remains negative.
The rating on Banque Heritage Uruguay reflects its moderate business position resulting from its low participation in the Uruguayan financial system and from some dependence on trading gains, which we consider to be a less stable source of income. The rating also reflects the bank's good capital and earnings profile derived from our projected risk-adjusted capital (RAC) ratio of 8% for the next 12-18 months, which mitigates the impact on risk position resulting from a higher concentration in its loan portfolio than those of peers. Additionally, we consider Banque Heritage Uruguay to have a below average funding profile, resulting from a high share of non-resident deposits, and adequate liquidity, given the characteristics of the Uruguayan financial system.