Brazil: Fitch Ratings Upgrades Banco Mercantil De Sao Paulo's Ratings.Business Editors LONDON & NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of & SAO Sa´o n. 1. (Zool.) Any marine annelid of the genus Hyalinæcia, especially H. tubicola of Europe, which inhabits a transparent movable tube resembling a quill in color and texture. PAULO--(BUSINESS WIRE)--May 9, 2002 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. , the international rating agency, upgraded Banco Mercantil de Sao Paulo's (BMSP BMSP Backbone Multiservice Platform BMSP Brazilian Meeting on Simulational Physics BMSP Business Management and Sales Process BMSP Bonds Minimum Statistical Plan ) Short- and Long-term national ratings to 'F1+(bra)' and 'AA(bra)', respectively, from 'F1(bra)' and 'A+(bra)', removing them from Rating Watch Positive - the Long-term national Rating Outlook is Stable; the Support rating of '4T' was affirmed. This rating action reflects support for BMSP by its new controlling shareholder, Banco Bradesco Banco Bradesco, short for Banco Brasileiro de Descontos, that is 'Brazilian Discount Bank', is one of the Big Four banks in Brazil, the others being Banco do Brasil, Banco Itaú and Unibanco. Bradesco is the largest private bank in Brazil. (Bradesco), and the latter's strong national ratings, which in turn reflect Bradesco's excellent franchise and its consistent profitability. Going forward, BMSP will be better positioned to more efficiently explore its strong client base and good franchise within the individual consumer segment, aided by Bradesco's wide product range; management estimates that the two banks' client bases in this segment overlap an estimated 30%. BMSP's credit portfolios will be allocated among the Bradesco Group's entities according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. each entity's specialty: large corporates will be centrally managed by Bradesco (12% of total loan portfolio); vehicle financing will be aggregated to Banco Continental (38%), which in turn will adopt the Finasa brand. Over time, relationships with mid-sized corporates should also be concentrated into Bradesco. Both the individuals and small corporates segments will remain as the last to be transferred to other group's entities, with this process taking up to twelve months, aiming to ensure continuity of a select service for these clients. Further details are mentioned in BMSP's report. Founded in 1938, BMSP is a medium-sized, multiple bank operating through 405 outlets (220 branches), formerly controlled by the Vidigal family. The bank focuses on consumer finance (cars and durable goods durable goods Goods, such as appliances and automobiles, that have a useful life over a number of periods. Firms that produce durable goods are often subject to wide fluctuations in sales and profits. Also called consumer durables. ) and lending to leading Brazilian companies This is a list of major companies based in Brazil. Please note that the list is highly incomplete and does not have thousands of companies of different sizes. Links should only point to the Wikipedia article, and not to a web page URL. . Abroad, BMSP has a presence in New York, London, the Caymans, and Luxembourg. In March 2002, Bradesco completed the acquisition of 90.11% of BMSP's voting capital, in a deal encompassing BMSP's financial companies worldwide. Bradesco's Individual rating of 'B/C', Short- and Long-term national ratings of 'F1+(bra)' and 'AA+(bra)', reflect an outstanding franchise and a well-established track record of strong profitability. The bank's foreign currency Short- and Long-term ratings of 'B' and 'BB-' ratings are constrained by Brazil's sovereign ceiling, thus subject to the latter's foreign currency Long-term rating Outlook Negative. Bradesco, the parent of Brazil's largest private sector commercial banking group, provides a full range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. through a domestic network of 3,999 outlets (2,615 full branches) as of December 2001. Its strengths lie in the retail market and it commands a 12% market share of total deposits. Bradesco has accelerated growth through acquisitions since the mid-1990s. Bradesco's shares are controlled by two entities managed by the bank's top executives. Note to Editors: Fitch's Support and Individual Ratings for Banks: Fitch's Individual ratings assess how a bank would be viewed if it were entirely independent and could not rely on external support. Its Support ratings deal with the question of whether a bank would receive support from its owners or from the state if it were to get into difficulty. These ratings are not debt ratings but rather, respectively, an assessment of the intrinsic strength of a bank and of any level of outside support that may, or may not, be available to it. A Support rating qualified by the suffix suf·fix n. An affix added to the end of a word or stem, serving to form a new word or functioning as an inflectional ending, such as -ness in gentleness, -ing in walking, or -s in sits. tr.v. "T" indicates significant existing or potential transfer risk of economic and/or political origin that might prevent support for foreign currency creditors. Fitch's national ratings provide a relative measure of creditworthiness Creditworthiness The condition in which the risk of default on a debt obligation by that entity is deemed low. Creditworthiness Eligibility of an individual or firm to borrow money. for rated entities in countries where the sovereign's foreign and local currency ratings are below 'AAA'. National ratings are not internationally comparable since the best relative risk within a country is rated 'AAA' and other credits are rated only relative to this risk. They are signified by the addition of an identifier, for the country concerned, such as 'AAA (bra)' for national ratings in Brazil. |
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