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Prospect News home > News index > List of issuers B > Headlines for Banif – Banco Internacional do Funchal, SA > News item |
Moody’s could lower Banif
Moody's Investors Service said it placed Banif – Banco Internacional do Funchal, SA's and its supported entities' Caa2 deposit ratings, Ca subordinated debt rating, the bank's caa3 baseline credit assessment and B3(cr) long-term counterparty risk assessment on review for downgrade.
The review for downgrade was triggered by recent market developments and the impact that these may have on Banif's already fragile financial fundamentals. Moody's said that a Portuguese broadcast media report last weekend, which questioned the safety of deposits, has the potential to impact customers' and investors' confidence with harmful consequences on the bank's liquidity position.
In placing the ratings on review, the agency acknowledged Bank of Portugal's public statement safeguarding Banif's deposits and ensuring the monitoring of the bank's situation in order to preserve the stability of the Portuguese financial system.
However, Moody’s said it considers that these recent events combined with the weak financial fundamentals of the bank continue to raise questions about the future viability of Banif.
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