Moody's may cut Panamericano

Moody's Investors Service said it placed all ratings assigned to Banco Panamericano SA on review for possible downgrade, including the bank financial strength rating of D, both long-term global local- and foreign- currency deposit ratings of Ba2, long-term foreign-currency debt ratings of Ba2 for senior notes and Ba3 for subordinated notes, and the long-and short-term Brazilian national-scale deposit ratings of A1.br and BR-1.

The review was triggered by the rapid drop in market valuation of Banco Panamericano and the "Relevant Fact" published by the bank announcing a R$2.5 billion capital injection from its main shareholder, the Silvio Santos Group, as well as the replacement of the entire management team, Moody's said.

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