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S&P drops Banco Mercantil do Brasil to B
Standard & Poor's said it lowered its long-term global-scale ratings on Banco Mercantil do Brasil SA (BMB) to B from B+.
At the same time, the agency lowered its national-scale rating on the bank to brBB+ from brBBB.
The short-term global-scale ratings remain B and the outlook is stable.
S&P said it bases its ratings on Banco Mercantil do Brasil "moderate" business position (as criteria define it), "weak" capital and earnings, "moderate" risk position, "below-average" funding and "adequate" liquidity.
There has been significant deterioration in the asset quality of Banco Mercantil do Brasil (mostly in its SMEs segment), which affected 2013 bottom-line results harshly and will likely have a negative effect this year as well, the agency said.
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