Moody's ups Banco Industrial

Moody's Investors Service said it upgraded the bank financial strength rating of Banco Industrial do Brasil SA to D from D-, along with its long-term global local-currency and foreign-currency deposit ratings to Ba2 from Ba3. The agency also said it upgraded the bank's Brazilian national scale deposit ratings to A1.br and BR-1 from A3.br and BR-2, long- and short-term, respectively. The short-term global local-currency and foreign-currency deposit ratings of not-prime were affirmed.

The outlook is stable.

Moody's said the upgrade is supported by the bank's track record of modest and consistent revenue generation, leading to its profitability indicators and asset quality metrics presenting low volatility over the past years.

The ratings are constrained by a funding structure that lacks granularity given its business orientation as a bank operating in the wholesale segment, the agency said.

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