Moody's assigns Desenvolve SP Ba2

Moody's Investors Service said it assigned long-term global local-currency issuer rating of Ba2 to Desenvolve SP - Agencia de Fomento do Estado de Sao Paulo, following the assignment of a ba3 baseline credit assignment. In addition, Moody's assigned Desenvolve an Aa1.br long-term Brazilian national scale issuer rating. The outlook is stable.

The Ba2 issuer rating reflects Desenvolve's 10-year franchise as a regional development agency responsible for providing medium and long-term financing small and medium enterprises based in the state of Sao Paulo, in line with the state government's development and economic policies, the agency said.

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