Moody’s lowers Banco de Desenvolvimento

Moody's America Latina said it downgraded ratings assigned to Banco de Desenvolvimento de Minas Gerais SA, an entity owned by the government of Minas Gerais.

The agency downgraded the long-term global local currency issuer rating to B1 from Ba3, and the long and short-term Brazilian national scale issuer rating to Baa3.br/BR-3 from A3.br/BR-2.

The short-term local currency issuer rating of Not Prime remained unchanged.

The outlook remains negative.

This action follows the June 30 downgrade of ratings for the state of Minas Gerais to B1, from Ba3.

Banco de Desenvolvimento’s baseline credit assessment was also lowered to b1, from ba3, reflecting the strong economic and financial linkages between the regional development entity and its government-shareholders, 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.