Moody's ups Banco Votorantim FSR to D

Moody's Investors Service said it upgraded the bank financial strength rating of Banco Votorantim to D from D- and placed a positive outlook on the rating.

Moody's also assigned a global local currency deposit rating of Ba1 and an Aa1.br rating on the Brazilian national scale to Banco Votorantim SA.

In addition, Moody's assigned a not prime short- term global local currency deposit rating and a BR-1 Brazilian national scale short-term deposit rating to Banco Votorantim. The outlook is stable.

Moody's also affirmed the long-term foreign currency bond rating of Ba3 and the long-term foreign currency deposit rating of B2 assigned to Banco Votorantim. The outlook is positive.

The rating agency pointed out that the bank has grown from a niche operation within the Votorantim Conglomerate to become an important revenue generator, contributing nearly 20% to the group's profits in June 2004 and ranking as the 9th largest private institution in the Brazilian banking system.

© 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.