June 28, 2012 / 2:52 AM / 6 years ago

Moody's downgrades 11 Brazilian banks

(Reuters) - Moody’s Investors Service said it had downgraded the ratings of 11 Brazilian financial institutions in line with its review of global banks.

Moody’s said it had cut the standalone bank financial strength ratings (BFSR) or lowered the standalone baseline credit assessments (BCA) of eight Brazilian financial institutions by one to three notches.

The long-term global local currency (GLC) deposit ratings or issuer ratings of 11 financial institutions were downgraded by one to two notches, while the deposit rating of one bank was confirmed. The short-term deposit ratings of six banks were downgraded by one notch.

The revised standalone ratings of three banks carry a positive outlook. A positive outlook has also been assigned to the supported local currency ratings of twelve issuers, while the outlook on the deposit rating of one bank is negative.

Banks affected include Banco do Brasil SA (BBAS3.SA), Banco Sanfra SA SODEPB.UL, banco Santander (Brasil) (SANB4.SA), HSBC Bank Brasil - Banco Multiplo SA HSBAR.UL, Banco Bradesco (BBDC4.SA), Banco Itau BBA SA BIHFIU.UL and Banco Itau Unibanco SA.

Reporting by Wayne Cole

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