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Moody's withdraws ratings on São Paulo's Desenvolve Agência de Fomento

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Moody's withdraws ratings on São Paulo's Desenvolve Agência de Fomento

Moody's on Sept. 2 withdrew all ratings and assessments on Brazil's Desenvolve SP - Agência de Fomento do Estado de São Paulo S.A., citing the rating agency's business reasons.

The affected ratings include the São Paulo-based firm's long- and short-term global local currency issuer rating of Ba2 and Not Prime, its long- and short-term global local and foreign currency counterparty risk ratings of Ba1 and Not Prime, and its long- and short-term counterparty risk assessments of Ba1(cr) and Not Prime(cr).

Desenvolve's long- and short-term Brazilian national scale issuer rating of Aa2.br and BR-1, long- and short-term Brazilian national scale counterparty risk ratings of Aaa.br and BR-1, adjusted baseline credit assessment of "ba2," and baseline credit assessment of "ba3" were also withdrawn.

At the time the ratings were withdrawn, the outlook on the firm was stable.