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Banco do Brasil S.A.'s Proposed Perpetual, Callable, Hybrid Capital Securities Rated 'BB' Jan 12
Standard & Poors, Jan 2012
Abstract
SAO PAULO (Standard & Poor's) Jan. 6, 2012-Standard & Poor's Ratings Services assigned its 'BB' debt rating to Banco do Brasil S.A.'s (BdB) perpetual, unsecured, junior subordinated, deferral hybrid equity instruments, callable capital securities. The proposed capital securities will be eligible for designation as minimal equity content under our classification of hybrid equity instruments, because these securities contain only nonviability contingency clauses and we don't expect them to absorb losses while the bank is still a going concern. The proposed securities will be perpetual, deeply subordinated, and contain noncumulative coupon deferral mechanisms that the bank can exercise. In our view, mandatory deferral should only occur if the bank is technically insolvent, according to the Brazilian central bank capital requirements. The...
Companies mentioned in this report are: Banco do Brasil S.A,Brazil (Federative Republic of)
Action: New Rating
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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