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Following sovereign move, S&P raises outlook on 15 Brazilian financial firms

S&P Global Ratings on Dec. 12 revised its outlook on the global scale ratings of 15 financial institutions in Brazil to positive from stable, while affirming their long- and short-term ratings.

The outlook revisions follow a similar action on Brazil's sovereign ratings, which was driven by prospects for a stronger fiscal profile over the medium term.

The rating agency revised its outlook on Banco ABC Brasil SA, Banco Bradesco SA, Banco Citibank SA, Banco do Brasil SA, Banco do Nordeste do Brasil SA, Banco Safra SA, Banco Santander (Brasil) SA, Banco Votorantim SA, B3 SA - Brasil Bolsa Balcão, Banco Nacional de Desenvolvimento Econômico e Social, Itau Unibanco S.A., Haitong Banco de Investimento do Brasil SA, Itaú Unibanco Holding SA, China Construction Bank (Brasil) Banco Múltiplo SA and Caixa Econômica Federal.

S&P Global Ratings said these companies could have higher ratings given stronger stand-alone credit fundamentals or support from higher-rated parents, in the absence of sovereign constraints.

The ratings on the sovereign cap the credit quality of these 15 entities given their high exposure to sovereign risk and the fact that S&P rarely rates financial services companies above the sovereign long-term ratings.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.