Moody's affirms Banco BMG

Moody's Investors Service said it affirmed all the ratings assigned to Banco BMG SA, including its D- bank financial strength rating, Ba3 long-term global local and foreign currency deposit rating and its Not Prime short-term global local and foreign currency deposit rating.

The bank's long-term foreign currency senior unsecured and subordinated debt ratings were affirmed at Ba3 and B1, respectively, as were its long-term and short-term deposit ratings on the Brazilian national scale, at A3.br and BR-2, respectively.

The outlook remains negative.

Moody's said the action follows the July 10 announcement that BMG and Itau Unibanco SA will enter a joint venture to form a new entity, Banco Itau BMG Consignado, which will be dedicated to payroll lending, subject to the execution of final agreements and regulatory approval.

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