Salem Radio Network News Friday, August 19, 2022

Business

Credit Suisse at big risk from Credito Real bankruptcy – media

MEXICO CITY (Reuters) -Credit Suisse is among the lenders owed the most money by embattled Mexican finance company Credito Real, which has begun bankruptcy proceedings for $2.6 billion in debts, a local business newspaper reported Thursday.

Private documents show that Credit Suisse is owed over $100 million by Credito Real, according to a report from Mexican business paper El CEO. That would be the largest debt Credito Real owes to a foreign bank, the report said.

Credit Suisse declined to comment about the report.

The news comes as media have reported that Credit Suisse was considering making sweeping cuts, and after Moodys rating agency downgraded the bank’s unsecured debt ratings.

Mexico’s national development bank, NAFIN, is owed the most of any entity, with $119 million in unpaid debts, according to El CEO. NAFIN didn’t immediately respond to a request for comment.

Credito Real announced it was beginning bankruptcy proceedings in July after defaulting earlier in the year.

(Reporting by Isabel Woodford; Edited by Michael Williams)

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