Moody’s hikes Banco Novo

Moody’s Investors Service said it raised Banco Novo SA’s senior unsecured debt ratings to B3 from Caa2.

The upgrade mirrors the company’s upgraded credit profile because of the continued reduction in risk of its balance sheet and the significant restructuring of its operations over recent years, Moody’s said.

“In upgrading the ratings, Moody's has also considered that, since last year, Novo Banco publicly stated financial strategy aimed at fostering its financial fundamentals has yielded positive results, which contributes to dissipate concerns about the solidity of its franchise,” the agency said in a press release.

The outlook remains positive.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.