Moody's rates Banco Nacional de Bolivia notes B2

Moody's Investors Service said it assigned a B2 global foreign-currency subordinated debt rating to the second issuance of $10 million under Banco Nacional de Bolivia SA's $20 million subordinated debt program, due in 2014. Moody's Latin America assigned an Aa3.bo national scale debt rating to the issuance.

The outlook is stable.

The agency noted that subordination was taken into consideration in the assignment of the debt rating - subordinated debt is usually rated one notch below the global local-currency senior rating - but because this debt is issued in foreign currency, it is capped by Moody's B2 Bolivian country ceiling for foreign-currency debt.

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