Moody’s affirms Banese

Moody's Investors Service said it affirmed all ratings assigned to Banco do Estado de Sergipe SA (Banese), following the affirmation of its ba2 baseline credit assessment and adjusted baseline credit assessment.

Banese has long- and short-term local currency deposit ratings of Ba2 and Not Prime, and Ba3 and Not Prime foreign currency deposit ratings, in the global scale, as well as Brazilian national scale deposit ratings of Aa3.br and BR-1, long and short term, respectively.

Moody's also affirmed Banese's long and short-term counterparty risk ratings of Ba1 and Not Prime, for local and foreign currency.

At the same time, Banese's counterparty risk assessments of Ba1(cr) and Not Prime (cr), were also affirmed.

The ratings have a stable outlook.

“The affirmation of Banese's ratings reflects the bank's entrenched operation in the state of Sergipe that supports a steady and relevant 39% share in the local loan and deposit markets,” the agency said in a news release.

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