Moody's Investors Service on Wednesday lowered the stand-alone financial-strength ratings of eight Brazilian institutions by one to three levels
The credit-rating firm took the action as part of a worldwide review of banks that carry assessments higher than those of the nations in which they are located
Moody's cut four banks' stand-alone ratings and credit assessments to the C-/Baa2 level of Brazil
They are Banco do Brasil SA, Banco Safra SA, Banco Santander Brasil and HSBC Bank Brasil
The creditworthiness of these four "cannot be completely delinked from the credit strength of the government," Moody's said
The firm cut three Brazilian banks to C-/Baa1, one notch above the sovereign: Banco Bradesco SA, Banco Itau Unibanco SA and Banco Itau BBA SA
These three exceptions reflect risk-mitigating factors including diversity in where they do business and in their earnings sources, Moody's said
And it cut Banco Votorantim SA to C-/Baa3, one notch below the sovereign, reflecting what Moody's called the bank's "poor financial performance, including weak asset quality and profitability, and the prospects of ongoing challenges to its financial strength
Moody's cut the local-currency-deposit or issuer ratings on 11 financial institutions to reflect their lower stand-alone assessments or lower ratings at their parent banks
Moody's also cut the long-term local-currency issuer rating of securities-exchange operator BM&F Bovespa to A-3, two notches above the sovereign, from A-1
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