S&P cuts BES do Brasil

Standard & Poor's said it lowered its global scale rating on BES Investimento do Brasil SA - Banco de Investimento to BB from BB+ and its national scale rating to brAA from brAA+.

The agency said it affirmed the short-term brA-1 national scale rating and corrected the short-term global scale rating to B.

The ratings were removed from CreditWatch with negative implications, where they were placed on Feb. 17. The outlook is negative on both scales.

The bb stand-alone credit profile is unchanged.

S&P said it bases its ratings on BESI Brasil on the company's adequate capitalization, expertise and brand recognition in its key business segments and "adequate" liquidity. These positives are offset by a "moderate" business position, "moderate" risk position, and "below average" funding, the agency said.

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