Ratings roundup: BB, BCSul notes, Deutsche Bank unit

- Thursday, January 13, 2011

Ratings roundup: BB, BCSul notes, Deutsche Bank unit

Ratings agency Moody's has assigned a Baa2 foreign currency debt rating to the upcoming senior unsecured notes to be issued by federally controlled Banco do Brasil (BB) through its Cayman Islands unit, with a positive outlook, the agency said in a press release.

The proposed notes are being issued under the existing multi-currency US$5bn global medium-term note program, rated Baa2, with a positive outlook, by Moody's.

The assigned rating follows the agency's convention of applying a one-notch differential from BB's A2 global local currency deposit rating. The Cayman Island unit's foreign currency bond rating is constrained by Brazil's Baa2 country ceiling.

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The proposed issue will be denominated and settled in euros and come due in January 2016, according to the release.

To read the full press release, go to this link

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Ratings agency S&P assigned a BB- rating on the upcoming senior unsecured notes to be issued by Brazilian midsize bank Banco Cruzeiro do Sul's (BCSul), the agency said in a press release.

The assigned rating is the same as BCSul's long-term counterparty credit rating given by S&P, reflecting the agency's view that the notes will be pari passu to all of BCSul's other debt obligations of the same nature. The bank will use the proceeds of the notes to boost its lending consignado portfolio.

The upcoming notes carry a maturity of five years.

To read the full press release in Portuguese, go to this link

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Finally, ratings agency Fitch assigned a AAA(bra) and an F1+(bra) long- and short-term national scale rating, respectively, to the Brazilian unit of Deutsche Bank (NYSE: DB), the agency said in a press release.

Fitch also assigned a support rating of 2, and gave a stable outlook to the unit's long-term rating.

The assigned ratings are based on the support of the unit's parent, benefiting from its strong franchise and worldwide distribution capacity, which results in secured healthy financial results and strong access to Brazil's largest companies.

The Brazilian unit also benefits from Deutsche Bank's global risks, systems, methodologies and team, resulting in a global operational integration.

To read the full press release in Portuguese, go to this link