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S&P: Banco Cruzeiro do Sul on negative watch
Standard & Poor's said it revised the CreditWatch to negative from developing on Banco Cruzeiro do Sul SA's CC/C global scale and brCC/brC Brazilian national scale ratings.
The CreditWatch revision reflects the high likelihood of the bank's distressed exchange or liquidation following the announcement of Fundo Garantidor de Creditos, which is a private institution that guarantees deposits of financial institutions in Brazil.
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