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S&P upgrades Brazil's Haitong Banco de Investimento

S&P Global Ratings on Oct. 15 raised Haitong Banco de Investimento do Brasil SA's long-term national scale rating to brAAA from brAA+, reflecting the stronger financial profile of its Portugal-based parent, Haitong Bank SA, whose long-term rating was also recently upgraded.

The rating agency believes that the Brazil-based bank is a core subsidiary of its parent given its large revenue contribution to the group, strong operational integration and importance to the group's long-term strategy. The bank will also likely benefit from support from its parent under any foreseeable circumstance, except in the event of a sovereign default, as it is significantly exposed to Brazilian sovereign bonds.

At the same time, S&P Global Ratings affirmed Haitong Banco de Investimento do Brasil's brA-1+ short-term rating and BB-/B global scale ratings. The outlook for all ratings is stable.

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.