Moody's confirms Panamericano

Moody's Investors Service said it confirmed the long-term supported global local-currency deposit rating of Banco Panamericano SA at Ba2, concluding the review for downgrade initiated on Nov. 10, 2010. Moody's also confirmed Panamericano's long-term foreign-currency deposit and senior debt ratings at Ba2 as well as the bank's foreign-currency subordinated debt rating of Ba3.

The long-term national-scale deposit rating in Brazil was also confirmed at A1.br. The Not Prime short-term global local- and foreign-currency deposit ratings as well as short-term foreign-currency debt ratings remained unchanged, same as the BR-1 short-term national-scale deposit rating in Brazil.

Moody's lowered Panamericano's standalone bank financial strength rating to E+ from D, mapping to a B1 baseline credit assessment, in light of the important challenges faced by its shareholders Banco BTG Pactual and Caixa Econômica Federal to reposition the bank's franchise.

The outlook is stable. The conclusion of the review follows the regulatory approval for change in ownership control effective June 13.

The confirmation considers the assessment of the probability of support that could be provided by Panamericano's controlling shareholders Banco BTG Pactual SA and Caixa Economica Federal, 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.