Perfect Storm for Brazil Mid-Cap Banks?

Perfect Storm for Brazil Mid-Cap Banks?

Brazil Economy & Policy Bonds

These are not particularly sunny days for small, mid-cap banks in Brazil, especially those involved in the payroll lending business. Limited access to liquidity, tougher capital requirements from the country’s central bank and high levels of maturing debt are putting a squeeze on a number of weak banks and weighing on secondary debt levels. This week, Moodys’s downgraded Banco Cruzeiro do Sul, or BCSUL’s, financial strength rating to D- from D and its long-term deposit ratings to Ba3 from Ba2, a

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