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Moody's rates Banco Itau notes Ba2
Moody's Investors Service said it assigned a Ba2 rating to Banco Itaś SA's (Cayman Islands) $125 million notes maturing January 2008. The outlook is positive.
Moody's stated that the Ba2 rating incorporates Banco Itaś's fundamental credit quality, which is reflected by its A3 global local currency rating and which includes all relevant country risks.
The Ba2 rating also reflects the probability of a sovereign default implied by the Brazilian government's sub-investment-grade B1 foreign currency bond rating and the likelihood that the Brazilian government could impose a debt moratorium in the event of default on its own foreign currency obligations, according to Moody's.
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