Moody's rates Banco Votorantim notes Baa2

Moody's Investors Service said it assigned a Baa2 long-term foreign currency debt rating to the additional $400 million of 7.375% 10-year subordinated notes issued by Banco Votorantim SA.

The notes being issued are an upsizing of the $750 million issued in January, for a total of $1.15 billion, and which will be eligible for tier 2 equity upon regulatory approval, the agency said.

The outlook is positive.

The rating agency noted that the subordination of the notes was taken into consideration by applying a one notch differential off Banco Votorantim's A3 global local currency deposit rating.

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