Moody's cuts Banco Santos

Moody's Investors Service said it downgraded its ratings for Banco Santos SA. The outlook is stable.

The long-term global local and foreign currency deposit ratings were downgraded to C from Caa1 and the foreign currency bond rating was downgraded to C from Caa3. The long-term national scale deposit rating was downgraded to C.br from Caa1.br.

Moody's said the rating action follows the announcement of Banco Santos's liquidation by Brazil's Central bank and concludes the rating review that was initiated in November 2004.

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