Standard & Poor’s cuts ratings of 13 Brazilian financial institutions
Ratings agency Standard & Poor’s (S&P) announced on Wednesday (Mar. 26) the lowering of the global credit rating of 13 Brazilian financial institutions. It comes as result of the cut in Brazil’s sovereign grade on Monday (24).
The institutions that had their ratings downgraded were Caixa Econômica Federal, HSBC, Itaú Unibanco, the Brazilian Development Bank (BNDES), Bradesco, Itaú BBA, Citibank, Banco do Nordeste, Banco do Brasil, Santander, Sul América, Sul América Companhia Nacional de Seguros and Allianz Global.
On Monday (Mar. 24), the firm announced the reduction of Brazil’s rating from BBB to BBB-, on a neutral outlook, which indicates it should not be downgraded in the next months.
The agency further reported on Wednesday that it put on credit watch negative the global ratings of 17 other financial institutions, as well as the grades of 26 institutions on the national scale, which indicates possible cuts in the future.
Translated by Fabrício Ferreira
Fonte: Standard & Poor’s cuts rating of 13 Brazilian financial institutions
