Moody’s rethink pushes up BB, SanMex subs

Moody’s rethink pushes up BB, SanMex subs

Bonds Equity Corporate & Sovereign Strategy

Moody’s has upgraded Santander Mexico’s tier two note and Banco do Brasil’s hybrid tier ones after reviewing the way it rates subordinated debt. Moody’s lifted Banco do Brasil’s Basel III compliant hybrid tier one instruments to Ba2 (hyb), from Ba3 (hyb), in line with a similar upgrade on a number of similar securities from Canadian banks. The move was to avoid “double counting” the risks of investors losing money while the bank is considered a viable entity by regulators. The ratings change lea

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