Cruzeiro do Sul Tees off Brazil Bank Downgrades

Cruzeiro do Sul Tees off Brazil Bank Downgrades

Brazil

While the worst of the liquidity crunch apparently behind Brazil’s mid-sized banks, the outlook for 2009 is grim and little if any growth is expected for the sector, according to Moody’s. The agency has downgraded Banco Cruzeiro do Sul to Ba2 Wednesday and maintained a negative outlook on the institution. “We have a negative outlook on the sector for 2009 and don’t discard the possibility of more downgrades,” Ceres Lisboa, an analyst at Moody’s in Sao Paulo, tells LatinFinance. Another ba

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