Moody's rates Banco Nossa Caixa notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to Banco Nossa Caixa SA's $100 million notes maturing January 2006.

Moody's said the Ba3 rating incorporates Banco Nossa Caixa's fundamental credit quality, which is reflected by its A3 global local currency rating and which includes all relevant country risks. The Ba3 rating reflects the probability of sovereign default implied by the Brazilian government's sub-investment-grade B2 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.

The rating, therefore, indicates the joint probabilities of default that are contained in the B2 foreign currency ceiling and in the A3 local currency rating of Banco Nossa Caixa.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.