S&P acts on three Brazilian banks

S&P said it lowered its long-term foreign and local currency global scale ratings on BRB - Banco de Brasilia SA to B+ from BB-, and removed them from CreditWatch. The agency affirmed and removed from CreditWatch its brA-/brA-2 national scale ratings on BRB.

The outlook is stable.

S&P also affirmed its BB-/B foreign and local currency global scale ratings on Banco do Estado do Para SA and removed them from CreditWatch. In addition, the agency raised its long-term national scale rating to brA+ from brA.

The outlook is negative.

The agency also affirmed its B- foreign and local currency global scale ratings on Banco de Desenvolvimento de Minas Gerais SA – BDMG, and revised the outlook to stable from negative. S&P raised its national scale ratings to brB+ from brB-.

S&P removed the under criteria observation identifier on the national ratings on all three banks.

The rating actions on the banks reflect the agency’s reassessment of the institutional framework under which local and regional governments operate in Brazil, as well as maintenance of S&P’s banking industry country risk assessment of Brazil in group 6 and, consequently, the anchor for banks operating only in Brazil at bb+.

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