Moody's ups two Brazil banks

Moody's Investors Service said it upgraded the global and national scale local-currency issuer ratings of Nossa Caixa Desenvolvimento -Agência de Fomento do Estado de São Paulo SA and Banco de Desenvolvimento de Minas Gerais SA, following the upgrades of the states of São Paulo and Minas Gerais.

Nossa Caixa Desenvolvimento's global local-currency issuer rating was upgraded to Ba2 from Ba3 with stable outlook, long-term Brazilian national scale issuer rating to A1.br from A3.br and short-term Brazilian national scale issuer rating to BR-1 from BR-2.

Banco de Desenvolvimento's global local-currency issuer rating was upgraded to Ba1 from Ba2 with stable outlook and long-term Brazilian national scale issuer rating to Aa2.br from Aa3.br.

The ratings are based on an assessment of the government's strong support and high dependence, Moody's 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.