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S&P revises outlook on 9 Brazilian banks to stable on lower downside risk

S&P Global Ratings on March 18 revised the outlook on nine Brazilian financial institutions, citing a decline in the risk on banks' balance sheets stemming from Brazil's recent economic crisis.

The rating agency affirmed the ratings and revised the outlook on the long-term global scale and/or national scale issuer credit ratings of Banco BTG Pactual SA, Banco Daycoval SA, Banco do Estado do Rio Grande do Sul SA, Banco Inter SA, Banco Mercantil do Brasil SA, Banco Pan SA, Banco Paulista SA, Banco Sofisa SA and Paraná Banco SA.

S&P Global Ratings expect Brazilian banks' nonperforming and renegotiated loans to gradually decline and lending growth to reach about 10% in the next 2 years. Lower risk for systemic contagion from corruption investigations, a healthy funding structure and competitive dynamics in the financial system as well as measures that reduce market distortions from a large presence of state-owned banks will boost banks' prospects, the rating agency said.

The rating agency also affirmed the ratings and kept a stable outlook on Banco Fator SA. In addition, it maintained the ratings and negative outlooks on Banco de Desenvolvimento de Minas Gerais SA, Banco Fibra SA, Banco Original SA and Caruana SA - Sociedade de Crédito Financiamento e Investimento.

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.