Brazilian lender Fibra gets third downgrade

Brazilian lender Fibra gets third downgrade

Corporate & Sovereign Strategy

Banco Fibra, the mid-sized Brazilian lender, saw its third ratings downgrade in a year on Friday, after Standard &Poor’s lowered the firm’s foreign long-term rating to B+ from BB-. This latest action comes after Moody’s downgraded the bank to B1 from Ba3 in October, and Fitch downgraded the bank to BBB+(br), from A-(br), in August. S&P pointed to Banco Fibra’s worse-than-expected year-end results. "The downgrade reflects the bank’s weakening business profile as a result of the challenges it has

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