TEL AVIV (MarketWatch)
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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