Ratings agency Fitch has lowered the credit rating of several Venezuelan banks, citing “the sustained decrease in capital ratios, due to the significant increase in assets, lower expected profitability and growing government intervention over the system”. The agency said it believes the current minimum capital requirements could prove insufficient to cope with the historic volatility of the Venezuelan market. The agency downgraded the ratings of Banco Mercantil, Banco Exterior, Banco Provincial and Banco de Venezuela from C/D to D. And the rating of Banesco Banco Universal was lowered from D to D/E.
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