KBRA Downgrades Banco Espirito Santo SA (BES)'s FSR from "D" to "E"
Business Wire - Mon Jul 21, 11:08AM CDT
Kroll Bond Rating Agency (KBRA) downgraded the Financial Strength Rating (FSR) of Banco Espirito Santo SA (BES) from "D" to "E" last week. BES is a Portuguese bank with $114.1 billion in assets and $9.7 billion in capital as of March 31, 2014. Shares of BES and its holding company, Espirito Santo Financial Group SA (ESFG), have been suspended from trading since Thursday July 10, 2014, due to delayed coupon payments on some commercial papers by Espirito Santo International SA, the Bank's Luxembourg-based holding company, which sought protection from creditors on Friday.