Moody's downgrades Banco Original

Moody's downgrades Banco Original

Bonds Structured Finance Brazil Economy & Policy Corporate & Sovereign Strategy

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 conv

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