S&P lifts Brazilian GREs

Standard & Poor's said it raised its long-term foreign currency counterparty credit rating on four Brazilian government-related entities (GREs) to BB+ from BB, namely Banco Nacional do Desenvolvimento Economico e Social, Eletrobras - Centrais Eletricas Brasileiras SA (Eletrobras), Banco do Brasil SA and Banco do Nordeste do Brasil SA.

The agency said that the upgrades reflect the raising of the long-term foreign currency sovereign credit rating on Brazil to BB+.

At the same time, the agency said it raised its long-term local currency ratings on Banco Nacional do Desenvolvimento Economico e Social and Eletrobras to BBB from BB+ and on Banco do Brasil to BB+ from BB, while it also affirmed the BB+ long-term local currency rating on Banco do Nordeste do Brasil.

All ratings have a positive outlook.

The upgrade of Banco Nacional do Desenvolvimento Economico e Social and Eletrobras to the same level of the sovereign local currency rating and the maintenance of the distinction between local and foreign currency ratings reflects the role played by both entities on a nationwide basis for economic development and electric energy, respectively, the agency noted.

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