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S&P acts on Brazilian financials, insurers
S&P said it took various actions on 29 Brazilian financial institutions and insurance companies that are rated at the sovereign level, mirroring the same action on Brazil.
The agency lowered the long-term global scale ratings on 15 financial institutions to BB- from BB. The outlook is now stable.
In addition, S&P affirmed the brAA- long-term ratings for entities rated on the national scale and revised the outlook to stable from negative.
The affected entities include Banco do Brasil SA, Banco Bradesco SA, Banco Citibank SA, Itau Unibanco Holding SA, Itau Unibanco SA, Banco ABC Brasil SA, Banco do Nordeste do Brasil SA, Banco Santander (Brasil) SA, China Construction Bank (Brasil) Banco Multiplo SA, Banco Votorantim SA, Banco Safra SA, Banco Nacional de Desenvolvimento Economico e Social, Caixa Economica Federal, B3 SA - Brasil, Bolsa, Balcao and GP Investments Ltd.
In addition, the agency revised the national scale outlook on 14 entities to stable from negative and affirmed the brAA- long-term national scale rating on them.
The affected entities include Ativos SA Securitizadora de Creditos Financeiros, Banco de Tokyo-Mitsubishi UFJ Brasil SA, Banco Morgan Stanley SA, Banco J.P. Morgan SA, Banco Toyota do Brasil SA, Banco BNP Paribas Brasil SA, Banco Volkswagen SA, Banco Ole Bonsucesso Consignado SA, BNDES Participações SA - Bndespar, BV Leasing Arrendamento Mercantil SA, Bradesco Capitalizacao SA, Bradesco Seguros SA, Austral Seguradora SA and Austral Resseguradora SA.
The agency said the action on the sovereign reflects the weakening of S&P’s institutional assessment of Brazil due to slower-than-expected progress and lower support by the country's political class to put in place meaningful legislation to correct structural fiscal slippage on a timely basis.
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