Moody's gives Bndes notes Baa2

Moody's Investors Service said it assigned a Baa2 long-term foreign currency debt rating to the proposed senior unsecured notes to be issued by Banco Nacional de Desenvolvimento Economico e Social (Bndes).

The notes will be denominated in U.S. dollars with maturities of three and 10 years.

The outlook is positive.

Moody's explained that the debt rating is at the Baa2 country ceiling for Brazil's foreign currency bonds, which carries a positive outlook and derives from Bndes' Baa2 global local currency issuer rating.

The issuer rating, in turn, benefits from two notches of uplift from Bndes' standalone credit assessment of ba1 in the global rating scale, to reflect the assessment of a very high likelihood of systemic support because of the bank's strategic importance to the federal government and its access to stable and reasonably inexpensive, constitutionally mandated funding, as well as to official and multilateral financing.

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