Moody's: Daycoval notes Baa3

Moody's America Latina Ltda assigned a Baa3 global local currency debt rating and a Aa1.br national-scale debt rating to the proposed 26 and 36-month takedowns of local currency senior unsecured bank notes (letras financeiras) to be issued by Banco Daycoval SA.

The proposed banknotes will be due in 2015 and 2016, up to 350.1 million reais and 200.1 million reais, respectively, and will be issued under the existing 1.2 billion reais banknotes distribution program, the agency said.

Moody's rates the program provisional Baa3 and Aa1.br for global local currency and national-scale debt, respectively. The outlook is stable.

According to the agency, the Baa3 debt rating derives from the bank's Baa3 deposit rating, and which is equivalent to Daycoval's standalone BFSR of D+.

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