Intercam and CIBanco ratings are lowered by HR Ratings
After Mexico’s banking authority announced a temporary management intervention in CIBanco and Intercam in response to US allegations of alleged money laundering connected to drug trafficking, the credit rating service HR Ratings cut the companies’ ratings.
The agency lowered its ratings to «HR C-,» the final level on the firm’s scale, in both instances. These financial groups are highly likely to miss payments to their creditors, according to the new assessment.
With a rating of «HR A+,» which puts it in third place on the scale, CIBanco was a company that provided adequate security for prompt debt repayment and minimal credit risk even in the face of unfavorable economic conditions.
