S&P lowers Banco Indusval

Standard & Poor's said it lowered the long-term global-scale ratings on Banco Indusval SA to B+ from BB-, along with national scale rating to brBBB- from brA-.

The short-term global scale rating remains at B, but the agency also said it lowered the short-term national scale rating to brA-3 from brA-2.

The outlook remains negative.

The downgrades reflect the bank's risk position, which was revised to moderate from adequate due to the deterioration in its asset quality metrics, S&P said.

The downgrades also consider the bank's high concentration in terms of business segments and clients, which weaken its risk position and make the bank more vulnerable to adverse events amid declining economic activity and more challenging conditions in Brazil, the agency 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.