Moody's rates Banco do Brasil notes Baa2

Moody's Investors Service said it assigned a Baa2 foreign-currency debt rating to senior unsecured notes to be issued by Banco do Brasil SA through its Grand Cayman branch.

The proposed notes will be denominated and settled in euros, due in January 2016.

The outlook is positive, in line with the country ceiling for Brazil's bonds, Moody's said.

The agency said the foreign-currency senior unsecured debt rating derives from Banco do Brasil's A2 global local-currency deposit rating. At this rating level, the Cayman branch's foreign-currency bond rating is constrained by Brazil's Baa2 country ceiling, and thus carries the positive outlook of the ceiling.

The proposed notes are being issued under the existing multi-currency $5 billion global medium-term note program, Moody's said.

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