Moody's assigns Banco do Brasil securities Ba1

Moody's Investors Service said it assigned a Ba1 rating to Banco do Brasil SA- Grand Cayman Branch's proposed $300 million perpetual non-cumulative junior-subordinated securities.

The agency said the Ba1 rating is the result of joint probabilities of default that are incorporated into Banco do Brasil's credit risk rating, which is indicated by its A3 global local currency rating and by Brazil's Ba3 foreign currency ceiling for bonds and notes.

The outlook is stable.

Moody's noted that the subordination and other features of the proposed securities were taken into consideration in the assignment of the bond rating. However, given the A3 global local currency rating, the notching that would usually be applied to subordinated issues does not affect the final foreign currency rating outcome.

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