S&P affirms Banco BMG

Standard & Poor's said it affirmed the BB-/B counterparty credit ratings and brA- Brazil national scale rating on Banco BMG SA.

The outlook is stable. The ratings are removed from CreditWatch Positive, where they were placed Sept. 20.

"The ratings on BMG incorporate the risks of its significant product concentration and the challenge the bank faces to diversify its funding profile with lower dependence on loan assignments," S&P analyst Ricardo Brito said in a statement.

Management's strong capacity to adjust to difficult industry environments allows the bank to perform well and be resilient through operating cycles. This and the good asset quality of its loan portfolio partially offset BMG's weaknesses, the agency said.

© 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.