Moody's rates Eccelera senior shares

Moody's Investors Service said it assigned ratings of provisional Aa3(br) on its Brazilian national-scale and provisional Ba2 on its global local currency scale to the principal-protected, non-callable senior shares to be issued by Eccelera Fidc.

According to Roberto Watanabe, an analyst at Moody's, the provisional ratings are based on the promise to senior shareholders of receiving the return of principal only, by the legal final maturity date, the structure of the transaction, which features principal protection in the form of zero-coupon notes rated at least Ba2/Aa3(br) by Moody's and no call options for senior shares as well as the ability of Banco Itaś SA (local currency bank deposit ratings of Aaa(br) on the national-scale and A3 on the global local currency scale) to act as master servicer and trustee of the collateral portfolio to be used for principal protection and in an event of default.

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