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Prospect News home > News index > List of issuers B > Headlines for Banco Bonsucesso SA > News item |
Fitch upgrades Bonsucesso
Fitch Ratings said it took the following rating actions on Banco Bonsucesso SA:
Long-term foreign and local currency issuer default ratings upgraded to B+ from B, outlook stable;
Short-term foreign and local currency issuer default ratings affirmed at B;
Viability rating upgraded to b+ from b;
National rating long-term rating upgraded to BBB(bra) from BBB-(bra), outlook stable;
National short-term rating affirmed at F3(bra);
Support rating affirmed at 5; and
Support rating floor affirmed at NF.
Fitch said the issuer default ratings are driven by its viability rating.
The upgrade of Bonsucesso's issuer default ratings and national ratings reflects the agencys belief that the bank will preserve its currently solid capital and liquidity position, while it continues to benefit from its strategic plan, gradually leading to better recurring profitability in the mid-term.
Bonsucesso is changing its business model to an asset light and less capital consuming structure, which will support the bank's loss absorption capacity. This has also enabled the bank to reduce its funding costs, which have eased profitability pressures, Fitch said.
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