S&P gives National Development notes BBB-

Standard & Poor's said it assigned its BBB- foreign-currency rating to the $1billion of 2018 notes to be issued by National Development Co.

S&P said it expects the notes to be mandatorily exchanged by securities that are the direct, unsecured and unsubordinated obligations of Banco Nacional de Desenvolvimento Economico e Social (FC: BBB-/stable, LC: BBB+/stable).

The rating on the National Development notes reflects the foreign currency credit rating on the bank and is based on the assumption that on or about June 16, all National Development notes will be mandatorily exchanged for Banco Nacional amended notes and from then on will be repaid by flows originated by Banco Nacional, S&P noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.