Moody’s gives Banco Safra notes Ba2

Moody's Investors Service said it assigned a Ba2 rating to the proposed senior unsecured notes to be issued by Banco Safra SA acting through its Cayman branch.

The new takedown will be due in January 2023 and will be issued under the bank's existing $5 billion global medium-term note program, rated provisional Ba2.

The outlook is negative.

The notes will rank pari passu in right of payment with all of Banco Safra's existing and future senior unsecured and unsubordinated liabilities.

“The Ba2 rating reflects Safra's consistently sound financial fundamentals during Brazil's recent economic contraction, particularly its superior asset quality, supported by the banks' well-established and diversified franchise and conservative risk management guidelines,” Moody’s said in a news release.

“Nevertheless, the rating is constrained at the level of Brazil's Ba2 sovereign rating given the strong credit interlinkages between banks and their sovereigns.”

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