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Moody's rates Banco Mercantil notes B3
Moody's Investors Service said it assigned a B3 long-term foreign-currency debt rating to Banco Mercantil do Brasil SA's $125 million subordinated notes due 2016. The outlook on the rating is stable.
The agency said the rating incorporates Banco Mercantil do Brasil's fundamental credit quality, which is reflected by its B1 global local-currency deposit rating and includes all relevant country risks. At this rating level, Moody's notching guidelines determine a two-notch differential from the B1 base rating for the subordinated tranches of notes issued under the bank's rated $300 million global medium-term note program.
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