Moody's rates Banco Cruzeiro do Sul note B2

Moody's Investors Service said it assigned a B2 long-term foreign-currency rating to Brazil-based Banco Cruzeiro do Sul SA's $50 million step-up subordinated notes due 2016, which are being issued under the company's $500 million global euro medium-term note program.

The outlook on the rating is stable.

The agency said the subordination of the notes was taken into consideration and applied to Banco Cruzeiro do Sul's Ba3 global local-currency deposit rating. At this rating level, Moody's notching guidelines determine a two-notch differential from the base rating.

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