S&P affirms BNDES

S&P said it affirmed its BB- long-term foreign and local currency global scale ratings on Banco Nacional de Desenvolvimento Economico e Social (BNDES).

S&P also affirmed the brAA- national scale issuer credit rating on the bank. The outlook on both scales remains stable.

At the same time, the agency affirmed its brAA- issuer credit rating on BNDESPar. The outlook remains stable.

The bank's bbb- stand-alone credit profile and the almost certain likelihood of support from the government to the bank remains unchanged.

“The ratings on BNDES reflect our view that BNDES continues to be a key government-related entity (GRE) for the sovereign. Therefore, in our view, there's as an almost certain likelihood of government support to the bank in the event of financial distress,” S&P said in a news release.

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