Moody's: Banco Rural positive

Moody's Investors Service said it confirmed Banco Rural's bank financial strength rating of D minus, the Ba3 global local currency deposit rating and the Brazilian national scale deposit rating of A3.br.

Moody's also placed a positive outlook on Banco Rural's long-term foreign currency deposit rating of B2 and long-term foreign currency bond rating of B1.

Moody's noted that Banco Rural's funding had come under stress as a result of the receivership of Banco Santos, which resulted in a substantial outflow of deposits in the latter part of 2004.

To offset such movement, Moody's said the bank reduced its loan portfolio, as reflected in a 25% decrease in the balance sheet at year-end.

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