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Bulletin: Banco do Brasil S.A. Ratings Unaffected By Plan To Acquire 51% Stake In Banco Patagonia Apr 10
Standard & Poors, April 2010
Abstract
SAO PAULO (Standard & Poor's) April 23, 2010--Standard & Poor's Ratings Services said today that the announcement by Banco do Brasil (BdB; foreign currency: BBB-/Stable/A-3; local currency: BBB-/Stable/--) of a sale and purchase agreement to acquire a controlling stake in Banco Patagonia S.A. (global scale: B-/Stable/--; national scale: raA+/Stable/--) would not affect its ratings on BdB. Banco Patagonia is currently the sixth-largest bank in Argentina, with $ 2.6 billion in assets, equal to roughly 0.6% of Banco do Brasil's total assets as of December 2009. The acquisition price for 51% of Banco Patagonia's voting shares was set at $479.7 million. The transaction is still subject to approval from the Brazilian and Argentine regulators and the shareholders' general meeting of BdB....
Companies mentioned in this report are: Banco do Brasil S.A,Banco Patagonia S.A.
Action: Bulletin
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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