Moody`s gives Banrisul notes B2

Moody’s Investors Service said it assigned a B2(hyb) long term foreign-currency subordinated debt rating to Banco do Estado do Rio Grande do Sul SA’s (Banrisul) proposed contractual non-viability tier 2 subordinated notes issuance. The notes will be due in 2031 and callable after five years.

The capital securities are Basel III-compliant, and their terms and conditions have been defined to qualify for treatment as tier 2 capital under Brazilian regulation.

“The B2(hyb) rating assigned to Banrisul’s proposed tier 2 subordinated notes is positioned two notches below Banrisul’s ba3 adjusted baseline credit assessment (adjusted BCA), in line with Moody’s standard notching guidance for contractual non-viability subordinated debt with full or partial principal write-down triggered at or close to the point of non-viability,” Moody’s said in a press release.

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