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Moody's withdraws HSBC Brasil's ratings following acquisition by Bradesco

Moody's on Dec. 15 withdrew all of its ratings on HSBC Bank Brasil SA - Banco Múltiplo as a result of the lender's reorganization following its acquisition by Banco Bradesco SA earlier in 2016.

HSBC Brasil's withdrawn ratings include its long-term global local currency deposit rating of Ba2, long-term Brazilian national scale deposit rating of Aa1.br, and baseline credit assessment of "ba2," among others.

The bank's long-term counterparty risk assessment of Ba1(cr) was also withdrawn. The bank's outlook was negative prior to the withdrawal.