S&P: view on 15 Brazilian banks to positive

S&P said it revised the outlook for 15 Brazilian financial institutions to positive from stable. The agency also affirmed all the companies’ ratings.

“The outlook revision to positive from stable on the sovereign reflects our view that the approval of social security reform and the expected progress on other fiscal and growth measures, combined with moderate growth driven by stronger domestic demand, could improve Brazil's fiscal position over the medium term (next three years). The combined set of initiatives, including a potentially structurally lower interest rate, could lead to stronger fiscal and growth dynamics. In addition, a low interest rate has reduced the interest burden for the government and increased the room for stabilizing Brazil's heavy debt burden, said S&P in a press release.

The institutions are: Banco ABC Brasil SA, Banco Bradesco SA, Banco Citibank SA, Banco do Brasil SA, Banco do Nordeste do Brasil SA, Banco Nacional de Desenvolvimento Economico e Social, Banco Safra SA, Banco Santander SA, Banco Votorantim SA, B3 S.A - Brasil, Bolsa, Balcao, Caixa Economica Federal, China Construction Bank (Brasil) Banco Multiplo SA, Itau Unibanco Holding SA, Itau Unibanco SA and Haitong Banco de Investimento do Brasil SA.

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