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Fitch ups outlook on Banco Caixa Geral Brasil to positive

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Fitch ups outlook on Banco Caixa Geral Brasil to positive

Fitch Ratings on Dec. 17 revised the outlook on Banco Caixa Geral Brasil SA to positive from stable, reflecting the rating agency's expectation that the bank will still gain support from its Portuguese parent despite the latter's prioritization of its domestic operations.

Portugal's Caixa Geral de Depósitos SA is in the process of disposing of its foreign operations as part of its recapitalization plan designed to aid the bank's ailing finances. The process for the sale of its Brazilian operations started in December 2017.

Fitch had upgraded Caixa Geral de Depósitos earlier in December, but did not incorporate that decision in the outlook revision on Banco Caixa Geral Brasil due to uncertainties over the group's reorganization.

The rating agency also affirmed the bank's Brazilian national long- and short-term ratings at A-(bra) and F2(bra), respectively.