Moody’s cuts Bonsucesso deposits

Moody's Investors Service said it affirmed Banco Bonsucesso SA’s long- and short-term global local and foreign currency deposit ratings of B2 and Not Prime, as well as the long-term foreign currency subordinated debt rating of B3.

At the same time, the agency affirmed Bonsucesso's short-term Brazilian national scale rating of BR-4, its baseline credit assessment of b2, as well as its adjusted baseline credit assessment of b2 and its long- and short-term counterparty risk assessments of B1(cr) and Not Prime(cr).

The Brazilian national scale long-term deposit rating was downgraded to Ba2.br from Ba1.br.

The outlook was changed to negative.

Moody’s said the downgrade considers Bonsucesso’s larger probability of negative pressure on the its financial fundamentals and on asset quality and capitalization, in particular.

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