Moody's lowers Banco Cruzeiro

Moody's Investors Service said it downgraded the long-term global local and foreign currency deposit ratings of Banco Cruzeiro do Sul SA to Ca, from Caa1.

The agency also lowered the bank's foreign currency senior and subordinated debt ratings to Ca and C, respectively, from Caa1 and Caa2.

At the same time Moody's lowered the bank's long-term Brazilian national scale deposit rating to Ca.br from Caa.br. The outlook on these ratings remains negative.

The agency also affirmed the E bank financial strength rating with a stable outlook, however, it lowered the standalone baseline credit assessment to ca from caa1.

Moody's said the rating actions follow the announcement of the tender offer to purchase all of the bank's outstanding debt securities totaling approximately R$5.66 billion subject to discounts ranging from 39% to 74% of their nominal value.

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