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BULLETIN: Banco do Brasil S.A. Under New Shareholders' Law Nov 01
Standard & Poors, Nov 2001
Abstract
Standard & Poor's said today that the recent changes in the Shareholders' Law in Brazil will have no effect on the counterparty ratings assigned to Banco do Brasil S.A. (foreign currency, BB-/Negative/--; local currency, BB+/Negative/--) The new law generates a change in Banco do Brasil's status, meaning that it is now subject to the country's bankruptcy laws, contrary to previous legislation. Although the previous law allowed Banco do Brasil's creditors to seek payment from the government after obtaining a final judgment, the litigation process could significantly delay payments to creditors. Under the new law, creditors can only proceed against Banco do Brasil, and not against the government, for any amounts not paid by the bank. The Central Bank cannot intervene...
Companies mentioned in this report are: Banco do Brasil S.A
Action: S&P Event
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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