The Times editorial (August 6) attributes last week’s S&P downgrade of BOV to litigation risk.

The bank was actually downgraded on the basis of ‘industry risk’, i.e. on the agency’s perception that the risk of the entire local banking sector has increased. Litigation risk influenced the agency’s attribution of a negative outlook for the bank, but not its credit rating.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.