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S&P revises outlook of Haitong Brasil's global scale ratings to negative

S&P Global Ratings on Aug. 2 revised its outlook on Haitong Banco de Investimento do Brasil SA's BB- long-term global scale ratings to negative from stable.

The rating agency also kept the bank's national scale ratings on CreditWatch negative. Meanwhile, the BB-/B ratings of the bank were affirmed.

The revision of the outlook on the bank's global scale ratings reflects the same action on its parent, Portugal-based Haitong Bank SA, which resulted from the prolonged challenges it faces in reshaping its business model and returning to profitability.

S&P also considers that Haitong Brasil is taking longer than expected to implement synergies from its integration with its parent and to restructure its balance sheet, which would allow business expansion. The rating agency considers Haitong Brasil as a core entity to Haitong Bank.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.