Moody’s changes Brazilian banks to negative

Moody's Investors Service said it changed the outlook on the standalone bank financial strength ratings of five Brazilian banks to negative from stable.

The agency also changed the outlook on the long-term global local currency deposit and issuer ratings of 13 financial institutions and on the long-term global foreign currency deposit, senior and subordinated debt ratings of 14 financial institutions and their respective foreign branches to negative from stable.

All ratings were affirmed.

These actions follow the change in outlook on Brazil's government bond ratings to negative from stable. The bank ratings are constrained by the sovereign rating, and therefore, a change in outlook on the Baa2 government bond rating also affects the outlook on these banks' standalone, debt and deposit ratings.

The following issuers’ standalone financial strength ratings were affirmed and with outlooks changed to negative: Banco Santander (Brasil) SA; HSBC Bank Brasil SA - Banco Multiplo; Banco Safra SA; Banco Citibank SA; and Banco Alfa de Investimento SA.

The following issuers’ long-term global local currency deposits and issuer ratings were affirmed with outlooks changed to negative: Banco Bradesco SA; Itau Unibanco SA; Banco Itau BBA SA; Itau Unibanco Holding SA; Banco do Brasil SA; Banco Votorantim SA; Caixa Economica Federal; Banco Nacional de Desenvolvimento Economico e Social (Bndes); Banco Santander (Brasil); HSBC Bank - Banco Multiplo; Banco Safra; BM&FBovespa SA; and Banco Alfa de Investimento.

The following issuers’ long-term global foreign currency deposits, senior and/or subordinated debt ratings were affirmed with outlook changed to negative: Banco Bradesco SA; Banco Bradesco SA (Cayman Branch); Itau Unibanco; Itau Unibanco (Cayman Branch) Banco Itau BBA; Banco Itau BBA (Nassau Branch) Itau Unibanco Holding; Itau Unibanco Holding (Cayman Branch); Banco do Brasil; Banco do Brasil (Cayman Branch); Banco Votorantim; Banco Votorantim (Nassau Branch) Bndes; Caixa Economica Federal; HSBC Bank Brasil SA Banco Multiplo; Banco Santander (Brasil); Banco Santander (Brasil) (Cayman Branch); Banco Safra; Banco Safra (Cayman Branch); Banco Citibank; Banco Alfa de Investimento; and ING Bank NV (Sao Paulo Branch).

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