Moody's assigns Banco BMG notes B1

Moody's Investors Service said it assigned a B1 long-term foreign currency rating to Banco BMG SA's $150 million senior unsecured notes.

The outlook is positive.

The rating incorporates, the agency said, Banco BMG's fundamental credit quality, which is reflected by its Ba3 global local-currency deposit rating and which includes all relevant country risks.

The B1 rating also incorporates the probability of a sovereign default implied by the government's sub-investment-grade B1 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 added.

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