Moody's rates BicBanco notes Ba3

Moody's Investors Service said it assigned a Ba3 long-term foreign-currency rating to Brazil-based Banco Industrial e Comercial SA's ("BicBanco") $100 million senior unsecured notes due 2009.

The outlook is stable.

The agency said the rating incorporates BicBanco's fundamental credit quality, which is reflected by its Ba3 global local-currency deposit rating and includes all relevant country risks. At this rating level, BicBanco's foreign-currency bond rating is unconstrained by Brazil's country ceiling.

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