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Moody's Investors Service in a report Wednesday said Brazilian banks were adequately capitalized, and based on its analysis noted that the rated banks maintained consistently adequate capital indicators even under the firm's worse-than-expected scenario.
The report also found that Brazilian banks had virtually no exposure to toxic or structured securities, and only modest positions in equity markets, and thus the firm did not see the need to stress test their security portfolios.
Moody's pointed out that the well regulated banking system was characterized by high levels of reserves. Moreover, in light of recent of uncertainties, the banks raised their reserves for loan losses, mainly in response to deteriorating credit conditions for consumers and corporate borrowers. As a result of the banks' adequate loss-absorbing capacity, Moody's said it took only limited action of the Brazilian banks' ratings.
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