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BES Investimento do Brasil Ratings Lowered To 'BB+/B-1' From 'BBB-/A-3' On Parent Company Downgrade Apr 11
Standard & Poors, April 2011
Abstract
On March 29, we lowered the ratings on the Republic of Portugal, and on March 31 we lowered the ratings on BESI Brasil's parent companies. We are lowering our global scale credit ratings on BESI Brasil to 'BB+/B-1' and our long-term national scale rating on the company to 'brAA+'. We are also leaving the ratings on CreditWatch negative, reflecting the possibility of a further parent downgrade, its impact on the support it gives to BESI Brasil, and the bank's credit fundamentals. SAO PAULO (Standard & Poor's) April 1, 2011--Standard & Poor's Ratings Services said today that it lowered its global scale ratings on BES Investimento do Brasil (BESI Brasil) to 'BB+/B-1' from 'BBB-/A-3' and its national scale credit rating to...
Companies mentioned in this report are: BES Investimento do Brasil,Portugal (Republic of),Banco Espirito Santo S.A.,Banco Espirito Santo de Investimento S.A.
Action: Downgraded
Action: On CreditWatch:Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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