Moody's rates BB Cayman branch's proposed subordinated notes Baa2

Thursday, May 19, 2011

Moody's has assigned a Baa2 foreign currency debt rating to the subordinated unsecured notes to be issued by Brazilian federally controlled bank Banco do Brasil's (BB) Cayman Branch (BB Cayman), due 2022.

The outlook on the rating is positive, in line with the country ceiling for Brazil's bonds. The proposed notes are eligible for tier 2 equity upon regulatory approval, Moody's said in a report.

Subordination of the new note issue was considered by applying a one-notch differential from BB's A2 global local currency deposit rating, the report reads.

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Brasília-based BB had total consolidated assets of 867bn reais (US$533bn) and equity of 52.1bn reais as of March 31.

To read the full report, in English, go to this link