Moody’s ups Banco BMG national rating

Moody's Investors Service said it affirmed ratings and assessments assigned to Banco BMG SA (BMG) in the global scale, including its long-term local and foreign currency deposit ratings of B1 and foreign currency subordinated debt rating of B2.

At the same time, Moody's upgraded BMG's long-term Brazilian national scale deposit rating to Baa2.br from Baa3.br.

The outlook was changed to stable from negative.

“The upgrade of BMG's Brazilian national scale rating to Baa2.br incorporates the steady improvement of the bank's financial metrics when compared to that of peers with similar creditworthiness,” the agency said in a news release.

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