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Moody's rates Banco BMG notes Ba3
Moody's Investors Service said it assigned a Ba3 long-term foreign currency rating to Banco BMG SA's senior unsecured notes to be issued in an amount up to $300 million.
The outlook is stable.
The Ba3 rating incorporates Banco BMG's fundamental credit quality, which is reflected by its Ba3 global local currency deposit rating and includes all relevant country risks, the agency said.
The rating also incorporates the probability of a sovereign default implied by the Brazilian government's sub-investment grade Ba3 foreign currency bond rating, as well as the likelihood that the Brazilian government could impose a debt moratorium in the event of default on its own foreign currency obligations, the agency said.
The rating also addresses the risk that any such moratorium might include foreign currency bonds and that BMG's bonds might particularly be affected.
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