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BESI Brasil Global Scale Rating Lowered To 'BB', National Scale To 'brAA' On Revised Bank Criteria; Off Watch, Outlk Neg Dec 11
Standard & Poors, Dec 2011
Abstract
Following our review of BESI Brasil under Standard & Poor's revised bank criteria (published on Nov. 9, 2011), we are lowering our global scale rating to 'BB' from 'BB+' and national scale rating to 'brAA' from 'brAA+'. We are also affirming the national scale short-term rating at 'brA-1' and correcting the global scale short-term rating to 'B'. At the same time, we removed the ratings from CreditWatch negative. The outlook is negative on both global and national scales. Our ratings on BESI Brasil reflect its moderate business position, adequate capital and earnings, moderate risk position, below average funding, and adequate liquidity compared with other banks in Latin America. The negative outlook reflects that on the parent as BESI's stand-alone credit...
Companies mentioned in this report are: BES Investimento do Brasil,Banco Espirito Santo S.A.,Banco Espirito Santo de Investimento S.A.
Action: Affirmed
Action: Downgraded
Action: Outlook: Negative
Action: Removed From CreditWatch
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
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