S&P cuts BESI Brasil

Standard & Poor's said it lowered the long-term global-scale and Brazilian national-scale issuer credit ratings on BES Investimento do Brasil (BESI Brasil) to BB- from BB and to brA/brA-2 from brAA/brA-1.

The ratings also were removed from CreditWatch with negative implications, where they were placed on Feb. 1, S&P said.

The outlook is negative.

The agency also said it affirmed the B short-term global-scale rating on the bank.

S&P also lowered the rating on BES Investimento do Brasil's senior unsecured debt to BB- from BB and removed it from CreditWatch.

The downgrades follow the downgrade of the company's parents, Banco Espirito Santo SA and Banco Espirito Santo de Investimento SA, the agency said.

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