Moody's rates BNDES' US$245mn proposed senior notes

Thursday, July 14, 2011

Moody's has assigned a Baa1 long-term foreign currency debt rating to the senior notes worth 200mn Swiss francs (US$245mn) to be issued by Brazilian development bank BNDES, with a positive outlook, a press release from the ratings agency reads.

The notes will be unsecured, unsubordinated obligations of BNDES and carry a maturity of five years and 150 days.

The assigned Baa1 debt rating incorporates the bank's fundamental credit quality and all relevant country risk. Moody's noted that at that level, the bond rating is at the country ceiling for Brazilian foreign currency bonds and notes, thus carrying the same positive outlook as the ceiling.

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