Moody’s rates Banco Safra notes Baa2

Moody's Investors Service said it assigned a Baa2 foreign currency senior unsecured debt rating to senior unsecured notes issued by Banco Safra SA, Cayman Islands Branch, and amounting to CHF 100 million.

The notes are due December 2019 and were issued under Safra's global medium-term note program of $5 billion rated provisional Baa2.

The outlook is negative.

Moody's said 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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