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Fitch downgrades Banco do Brasil's Chilean unit

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Fitch downgrades Banco do Brasil's Chilean unit

Fitch Ratings on March 29 downgraded the national ratings of Banco do Brasil SA - Sucursal Chile to BBB+(cl) from A-(cl) and N2(cl) from N1(cl) for the long- and short-term deposits, respectively.

The outlook was revised to stable from negative.

The ratings downgrade was driven by a similar Fitch action on the ratings of Banco do Brasil SA, which in turn was due to the downgrade of Brazil's sovereign rating. Subject to country risks, the classification of the central office of a bank extends to foreign and national branches, Fitch said.