June 5, 2017 |
Moody's has downgraded Banco Original to B2 from B1 with a negative outlook as a result of contagion risks from an ongoing investigation into alleged corrupt practices at the bank's sister company JBS.
The investigation does not directly impact the bank, but further revelations could result in a loss of investor confidence and affect Banco Original's liquidity and funding costs, Moody's said.
JBS is at the center of Brazil’s latest political scandal, after a recording was made public of a conver
Rating agency cuts Brazilian bank on the risk of contagion from corruption investigations at sister company JBS