S&P lifts Banco Daycoval

Standard & Poor's said that it has raised its global scale counterparty credit ratings to BB/B from BB-/B and its Brazil national scale counterparty credit ratings to AA-/A-1 from A/A-2 on Banco Daycoval SA.

The outlook is stable.

S&P said it is also raised the long-term foreign currency senior unsecured debt rating to BB.

Daycoval has improved its funding and liquidity risk substantially, and its successful diversification into retail has also enhanced its business profile, the agency said in a news release.

S&P expects the bank to be able to resume loan growth with adequate underwriting and show even better profitability.

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