Moody’s gives Ba2 to Bndes notes

Moody's Investors Service said it assigned a Ba2 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 and settled in dollars, with maturity between five and 10 years. The notes will be issued as a green bond.

The outlook is stable.

Moody's said the foreign currency debt rating is at the country ceiling for Brazil's bond rating and derives from Bndes’ Ba2 global local currency deposit rating, which, in turn, is aligned to Brazil's government bond rating.

The deposit rating is also at the same level as Bndes’ standalone baseline credit assessment (BCA), and reflects its position as provider of long-term debt and equity financing in Brazil, its expertise in project financing and its role in the country's infrastructure and export programs. The ba2 BCA also incorporates the bank's adequate capital and liquidity position, the agency explained.

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