Fitch revises Brazil national scale ratings

Fitch Ratings said it recalibrated the Brazilian national ratings scale following successive downgrades of the sovereign over the last six months.

The recalibration has resulted in several national scale rating revisions for issuers in various sectors, including financial institutions, corporations, insurance and public finance, the agency said.

The revised ratings are detailed below:

Gerdau SA’s national long-term rating was revised to AAA(bra) from AA+(bra) with stable outlook.

Companhia de Gas de Sao Paulo – Comgas’s national long-term rating was revised to AAA(bra) from AA+(bra) with stable outlook.

Braskem SA’s national long-term rating was revised to AAA(bra) from AA+(bra) with stable outlook.

Klabin SA’s national long-term rating was revised to AAA(bra) from AA(bra) and its outlook was revised to negative from stable.

Petroleo Brasileiro SA – Petrobras’s national long-term rating was revised to AA+(bra) from AAA(bra) with a negative outlook and its senior unsecured debentures were revised to AA+(bra) from AAA(bra).

Itaipu Binacional’s national long-term rating was revised to AA+(bra) from AAA(bra) with negative outlook.

BR Malls Participacoes SA’s national long-term rating was revised to AA+(bra) from AA(bra) with a positive outlook and its senior unsecured debentures were revised to AA+(bra) from AA(bra).

Cosan SA Industria e Comercio’s national long-term rating was revised to AA+(bra) from AA(bra) with a stable outlook.

JBS SA’s national long-term rating was revised to AA+(bra) from AA(bra) and with a stable outlook.

Rede D’Or Sao Luiz SA’s national long-term rating was revised to AA+(bra) from AA(bra) with a stable outlook.

ISA Capital do Brasil SA’s national long-term rating was revised to AA+(bra) from AA-(bra) with a stable outlook.

JSL SA’s national long-term rating was revised to AA-(bra) from A+(bra) with a negative outlook and its senior unsecured debentures were revised to A+(bra) from A(bra).

Eletropaulo Metropolitana Eletricidade de Sao Paulo SA’s national long-term rating was revised to AA-(bra) from A+(bra) with a stable outlook and its senior unsecured debentures were revised to AA-(bra) from A+(bra).

Magnesita Refratarios SA’s national long-term rating was revised to AA-(bra) from A+(bra) with a negative outlook and its senior unsecured debentures were revised to AA-(bra) from A+(bra).

Companhia Siderurgica Nacional SA’s national long-term rating was revised to BB-(bra) from BBB-(bra) with a negative outlook.

Ultrafertil SA’s national long-term rating was revised to AA+(bra) from AA(bra) with a stable outlook and its secured debentures were revised to AA+(bra) from AA(bra).

Diagnosticos da America SA’s national long-term rating was revised to AA+(bra) from AA(bra) with a stable outlook and its senior unsecured debentures were revised to AA+(bra) from AA(bra).

VLI Multimodal SA’s national long-term rating was revised to AA+(bra) from AA(bra) with stable outlook and its senior unsecured debentures were revised to AA+(bra) from AA(bra).

Companhia Energetica do Maranhao – Cemar’s national long-term rating was revised to AA+(bra) from AA(bra) with a stable outlook and its senior unsecured debentures were revised to AA+(bra) from AA(bra).

Moura Dubeux Energharia SA’s national long-term rating was revised to BBB-(bra) from BBB+(bra) with a stable outlook and its senior unsecured debentures were revised to BBB-(bra) from BBB+(bra).

Gafisa SA’s national long-term rating was revised to BBB-(bra) from BBB(bra) with a stable outlook.

Construtora Tenda SA’s national long-term rating was revised to BBB-(bra) from BBB(bra) with stable outlook.

Conasa SPE SA’s senior unsecured debentures were revised to BB-(bra) from BB(bra).

Prolagos SA – Concessionaria de Servicos Publicos de Agua e Esgoto’s national long-term rating was revised to AA(bra) from AA-(bra) with a stable outlook and its senior secured debentures were revised to AA(bra) from AA-(bra).

Aguas Guariroba SA’s national long-term rating was revised to AA(bra) from AA-(bra) and its senior secured debentures were revised to AA(bra) from AA-(bra).

Agencia de Fomento do Estado do Rio de Janeiro SA’s national long-term rating was revised to A-(bra) from A(bra) and its outlook was revised to negative from stable.

Desenvolve SP – Agencia de Fomento do Estado de Sao Paulo’s national long-term rating remains at AA+(bra) and its outlook was revised to negative from stable.

Banco de Brasilia SA’s national long-term rating remains at AA-(bra) and its outlook was revised to negative from stable.

BV Leasing Arrendamento Mercantil SA’s subordinated debentures were revised to A+(bra) from AA(bra) and Banco ABC Brasil SA’s national long-term rating was revised to AA+ from AA(bra).

Banco BMG SA’s national long-term rating remains at A(bra) and its outlook was revised to negative from stable.

Banco Bonsucesso SA’s national long-term rating was revised to BBB-(bra) from BBB(bra) and its outlook is stable.

Banco CNH Industrial Capital SA’s national long-term rating was revised to AA+(bra) from AA-(bra) and its senior unsecured long-term debt rating was revised to AA+(bra) from AA-(bra).

Banco Cooperativo Sicredi SA’s national long-term rating remains at AA+(bra) and its outlook was revised to negative from stable.

Banco Industrial do Brasil SA’s national long-term rating was revised to AA-(bra) from A+(bra) with stable outlook and its national short-term rating was revised to F1+(bra) from F1(bra).

Banco Nacional de Desenvolvimento Economico e Social (BNDES)’s national long-term rating revised to AA+(bra) from AAA and its outlook was revised to negative from stable.

Banco Pine SA’s national long-term rating remains at A+(bra) and its outlook was revised to negative from stable.

Banco Safra SA’s national long-term rating was revised to AA+(bra) from AAA(bra) and its outlook is stable.

Banco Votorantim SA’s national long-term rating was revised to AA-(bra) from AA+(bra) and its outlook was revised to negative from stable.

Banco da Amazonia SA’s national long-term rating revised to AA+(bra) from AAA(bra) and its outlook was revised to negative from stable.

Banco do Brasil SA’s national long-term rating was revised to AA+(bra) from AAA(bra) and its outlook was revised to negative from stable.

Banco do Nordeste do Brasil SA’s national long-term rating was revised to AA+(bra) from AAA(bra) and its outlook was revised to negative from stable.

Caixa Economica Federal’s national long-term rating was revised to AA+(bra) from AAA(bra) and its outlook was revised to negative from stable.

Omni SA – Credito, Financiamento e Investimento’s national long-term rating was revised to BBB-(bra) from BBB(bra) with stable outlook.

The City of Rio de Janeiro’s national long-term rating remains at AA+(bra) and it outlook was revised to negative from stable.

The State of Rio de Janeiro’s national long-term rating was revised to A-(bra) from A(bra) and its outlook was revised to negative from stable.

Safra Leasing SA - Arrendamento Mercantil’s national long-term rating was revised to AA+(bra) from AAA(bra) with a stable outlook and its subordinated debt was revised to AA(bra) from AA+(bra).

The Municipality of Sao Paulo’s national long-term rating remains at AA+(bra) and its outlook was revised to negative from stable.

The State of Sao Paulo’s national long-term rating remains at AA+(bra) and its outlook was revised to negative from stable.

Sul America SA’s national long-term rating was revised to AA-(bra) from AA(bra) with a negative outlook and its senior unsecured debt was revised to A+(bra) from AA-(bra).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.