Moody's gives Banco Safra bonds Baa2

Moody's Investors Service said it assigned a Baa2 foreign currency senior unsecured debt rating to the CHF 350 million of senior unsecured regular bonds issued by Banco Safra SA, Cayman Branch.

The notes are due June 2017 and issued under Banco Safra's existing $5 billion global medium-term note program, rated provisional Baa2.

The outlook is stable.

Moody's explained that the Baa2 foreign currency debt rating derives from Safra's Baa2 global local currency deposit rating, which incorporates the bank's standalone bank financial strength rating of C-, equivalent to baa2 in the global rating scale.

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