Alteração em Ratings do CZRS4 (Cruzeiro do Sul)

INGLÊS - Moody's Investors Service changed to negative from stable the outlook for most of its ratings on Banco Cruzeiro do Sul S.A., saying the bank's franchise value and profitability are likely to be challenged by a less robust growth and increasing competition in its core product, payroll loans, which today contributes about 85 percent of its recurring earnings.

'Moreover,' Moody's said, 'upcoming accounting changes, expected for January 2009, and increasing funding costs could also pressure the bank's recurring profitability, particularly in light of regulated spreads on payroll loans.'

The affected ratings are Banco Cruzeiro's 'D+' bank financial strength rating, 'Ba1/NP' global local currency deposit ratings, '' national scale deposit ratings, and 'Ba1' senior and 'Ba2' subordinated debt ratings.

Moody's also affirmed the long- and short-term foreign currency deposit ratings 'Ba2/NP', and maintained the stable outlook.

Fonte: Hemscott

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