A group of 11 Brazilian banks have been downgraded by Moody's amid ongoing concerns about the country's economic health.
The leading ratings agency has announced that the long-term global local currency deposit scores of these institutions have been lowered by either one or two notches, with the short-term issuer score of six of this group were also out down by one notch.
Meanwhile, the standalone financial strength and baseline credit assessment scores of eight organizations have been reduced by between one and three notches.
Banks impacted by this action include HSBC Bank Brasil, Banco de Brasil, Banco Sanfra and Banco Santander Brasil.
Moody's explained its rationale behind these decisions in a statement, which read: "Our review indicated that there are little, if any, reasons to believe that these banks would be insulated from a government debt crisis."
Earlier this week, the agency announced it had decided to downgrade the ratings of 28 Spanish banks.
By Gary Cooper