S&P ups Daycoval

Standard & Poor's said it removed its long-term counterparty credit rating on Banco Daycoval SA from CreditWatch positive, where it was placed on June 11, and raised the rating to BB-.

At the same time, S&P said it affirmed its B short-term counterparty credit rating on the bank.

The outlook is stable.

The agency said that the upgrade reflects macroeconomic environment improvements, including better access to funding alternatives in Brazil's growing capital markets.

With greater stability in the local economy and consistent growth within the local capital markets, Daycoval's creditworthiness has improved because S&P said it expects the bank's funding to be more resilient and to sustain its solid track record in credit origination.

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