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Name | Symbol | Market | Type |
---|---|---|---|
Banco Santander SA | NYSE:SAN | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.14 | -2.78% | 4.90 | 18,247 | 11:16:32 |
By Rogerio Jelmayer
SÃO PAULO-- Moody's Investors Service reduced its outlook for Brazilian major banks to negative from stable following a cut in the outlook for the country's sovereign rating, citing tepid economic activity, among others factors.
Moody's said the change in outlook includes state run banks Banco do Brasil and Caixa Economica Federal, as well as private sector giants Itau Unibanco SA, Banco Bradesco SA and Banco Santander Brasil SA.
"The bank ratings are constrained by the sovereign rating, and therefore, a change in outlook on the Baa 2 government bond rating also affects the outlook on these banks' stand-alone, debt and deposit ratings," Moody's said in a statement.
The rating agency Tuesday lowered its outlook of Brazil's sovereign rating, saying deteriorating government accounts and a decline of investor confidence contributed to the decision. Brazil's rating remains at investment grade, two levels above junk.
Brazil's gross domestic product shrank 0.6% in the second quarter from the previous three months, and first-quarter data was revised to a 0.2% contraction, the Brazilian statistics agency said at the end of August. Recession is frequently defined as two consecutive quarters of GDP contraction.
Economists expect Brazil's economy to expand only about 0.5% this year, after 2.5% growth last year.
Moody's rating for Brazil is more optimistic than rival ratings company Standard & Poor's, which in March cut Brazil's long-term bonds to one notch above junk, citing similar problems.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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