S&P raises Banco Nacional de Desenvolvimento Econômico e Social

Standard & Poor's said it raised its foreign- and local-currency corporate credit ratings on Banco Nacional de Desenvolvimento Econômico e Social (BNDES) to BB and BB+, respectively from BB- and BB.

The outlook is stable.

The ratings on BNDES reflect the demonstrated support of the Brazilian government, underpinned by the government's direct ownership of 100% of BNDES' share capital, the agency noted.

S&P also said that BNDES enjoys a steady liquidity inflow and a favorable liability structure and about 60% of BNDES' funding is constitutionally mandated and derived from two public-worker insurance funds.

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