Moody's has assigned a Baa2 foreign currency debt rating to the upcoming US$300mn-minimum senior unsecured notes to be issued by Brazilian midsize lender Banco Safra, the ratings agency said in a press release.
The issuance - due 2014 - is part of Safra's US$5bn global medium-term note program. For each issuance, the bank acts via its main office in Brazil, or through its Grand Cayman branch.
The assigned rating derives from Safra's Baa1 global local currency deposit rating, while the issuer's foreign currency bond rating is constrained by Brazil's Baa2 country ceiling. Brazil's country ceiling rating carries a positive outlook, and so the notes carry the same.
To read the full press release, go to this link