Moody's rates Banco Santos

Moody's Investors Service said it assigned a B2 rating to Banco Santos SA's $15 million notes maturing June 2005.

The outlook is stable.

Moody's stated the B2 rating incorporates Banco Santos's fundamental credit quality, which is reflected by its B1 global local currency rating and which includes all relevant country risk and reflects the probability of a sovereign default implied by the Brazilian government's sub-investment-grade B2 foreign currency bond rating, and the likelihood that the Brazilian government could impose a debt moratorium in the event of default on its own foreign currency obligations.

The rating also addresses the risk that any such moratorium might include foreign currency bonds and that Banco Santos's bonds might particularly be affected.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.