SAO PAULO, March 21 Caixa Econômica Federal
will stick to its original plan to raise up to $2.5
billion in bonds and loans in global debt markets this year
despite a decision by Moody's Investors Service to lower the
issuer ratings for Brazil's largest mortgage lender, an official
told Reuters on Thursday.
"We could even pay a little more in borrowing costs but the
plan to raise funds overseas has been maintained," said Chief
Financial Officer Márcio Percival in São Paulo.
Moody's Investors Service lowered on Wednesday the long-term
issuer ratings of Caixa and state development bank BNDES, citing
their eroding capital position after years of rapid credit
expansion. Analysts led by Alexandre Albuquerque cut Caixa's
ratings to "Baa2" from "A3." Both rankings, which are within
investment-grade ratings, bear a positive outlook - meaning that
an upgrade would be likely to happen within 12 to 18 months.