Moody’s cuts Brazil’s BESI

Moody’s cuts Brazil’s BESI

Corporate & Sovereign Strategy

Moody’s has cut the rating of BES Investimento do Brasil (BESI) to B1 from Ba3 to reflect the ratings downgrade of its parent, Banco Espirito Santo. “The rating action incorporates the uncertainty around the parent bank's financial strength that could negatively affect BESI's liquidity position and access to funding. Further, BESI's profitability could also suffer were its cost of funding to rise or its core investment banking deal flow be affected by recent developments at the parent,” Moody’s

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