Moody's places Portuguese banks' units on review for possible downgrade

Wednesday, June 15, 2011

Moody's has placed on review for possible downgrade the ratings on several Portuguese banks' Brazilian subsidiaries, following similar action taken on the parent companies, a press release from the ratings agency reads.

The list of subsidiaries include BES Investimento do Brasil of Portugal's Banco Espírito Santo, as well as Banif Brasil and Banif Banco de Investimentos Brasil, both subsidiaries of Banif - Banco Internacional do Funchal (Banif Portugal).

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The review will "assess the implications of a potential downgrade of [the parent companies'] standalone credit assessment for their subsidiaries in Brazil, particularly in respect to their funding dynamic and to the performance of recurring earnings," Moody's said.

To read the full list of the ratings under review, in English, go to this link

To read the full list in Portuguese, go to this link