S&P downgrades BES Brasil

Standard & Poor’s said it lowered the long-term global scale issuer credit and debt ratings on BES Investimento do Brasil (BESI Brasil) to B+ from BB-.

Also, the agency said it lowered the national scale issuer credit ratings to brBBB-/brA-3 from brA/brA-2.

S&P also said it placed these ratings on CreditWatch negative and affirmed the company’s B short-term global-scale issuer credit rating.

The downgrades follow similar actions on BESI Brasil’s parents, Banco Espirito Santo SA and Banco Espirito Santo de Investimento SA.

The downgrade and CreditWatch placement of the group reflects further downgrade potential if there are further negative implications for its business or financial profiles resulting from the changes in its management and corporate governance, the agency said.

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