Moody's gives Baa2 to BNDES notes

Moody's Investors Service said it is expected to assign a Baa2 long-term foreign-currency debt rating to the €1 billion seven-year unsecured, unsubordinated notes to be issued by Banco Nacional de Desenvolvimento Econômico e Social.

The outlook is positive.

Moody's said that the Baa2 debt rating incorporates BNDES's fundamental credit quality and all relevant country risks. The bond rating is at the country ceiling for foreign-currency bonds and notes for Brazil.

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