Moody's lowers Brazilian Development bonds

Moody's Investors Service said it downgraded to A3 from A1 the global foreign-currency rating of notes issued by Brazilian Development Funding Corp. that benefit from political risk insurance coverage.

This concludes the review for possible downgrade begun in July.

The agency said the downgrade was prompted by the downgrade of Brazilian Development Bank's (BNDES) local-currency rating on Thursday to A3 from A1, which was based on Moody's global reassessment of the ability of governments to support their countries' banks during a protracted systemic crisis.

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