# Financial institution ratings for Brazilian companies

> Live situation record from CLSTR: https://clstr.news/situations/financial-institution-ratings-for-brazilian-companies
> Updated: 2026-09-22T20:06:27.000Z. Sources: 3. Developments: 2.

Financial institutions have issued several cautious investment ratings and downgrades for various Brazilian companies.

In mid-September, JPMorgan maintained a sell recommendation for Cemig, citing regulatory uncertainties and a lack of momentum regarding privatization. Simultaneously, XP Investimentos downgraded Marcopolo from buy to neutral due to weak earnings and declining production levels.

By late September, Bradesco BBI also adjusted its outlooks, downgrading Klabin and Cogna to neutral ratings. The downgrade for Klabin was driven by limited return potential and increased global cellulose supply, while Cogna faced pressure from operational deceleration and new distance learning regulations.

## Timeline

### 2026-09-22: Bradesco BBI downgrades Klabin and Cogna to neutral

Bradesco BBI has downgraded Klabin and Cogna to neutral ratings, citing limited upside for Klabin and regulatory/operational pressures for Cogna.

2 sources. https://clstr.news/cluster/bradesco-bbi-downgrades-klabin-and-cogna-to-neutral

### 2026-09-17: Financial institutions issue cautious ratings for Cemig and Marcopolo

JPMorgan maintains a sell rating on Cemig due to privatization uncertainties, while XP Investimentos downgrades Marcopolo to neutral amid declining production and margin pressures.

2 sources. https://clstr.news/cluster/financial-institutions-issue-cautious-ratings-for-cemig-and-marcopolo

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Cite as: Financial institution ratings for Brazilian companies. CLSTR, https://clstr.news/situations/financial-institution-ratings-for-brazilian-companies