Moody's rates Banco Safra notes Baa2

Moody's Investors Service said it assigned provisional Baa2 long-term and Prime-2 short-term foreign-currency debt ratings to the existing $5 billion global medium-term note program of Banco Safra SA.

The outlook is positive.

Moody's also assigned a Baa2 foreign-currency senior rating to the proposed senior notes in the minimum amount of $300 million to be issued by Banco Safra. The note will be issued under the program and will be due May 2014.

The Baa2 foreign-currency senior debt rating derives from Safra's Baa1 global local-currency deposit rating, the agency said. At this rating level, the issuer's foreign-currency bond rating is constrained by Brazil's Baa2 country ceiling, which also has a positive outlook, and thus the rating of the notes carries the ceiling outlook.

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