Moody's gives Itauseg Participacoes debentures Baa2

Moody's Investors Service said it assigned a Baa2 global local currency-scale rating and a Aaa(br) rating to BRL1.5 billion of subordinated debentures due 2007 to be issued by Itauseg Participacoes, an insurance holding company subsidiary of Banco Itaś SA.

Additionally, Moody's said it assigned A3 global local currency-scale and Aaa(br) ratings to the two principal insurance subsidiaries of Banco Itaś and Itauseg Participacoes - Itaś Seguros SA and Itaś Vida e Previdźncia SA.

The outlook is stable.

According to Moody's, the ratings consider several factors in common, including the insurers' status as subsidiaries, the common branding of the insurance subsidiaries with the well-established Itaś name and their strong historical operating performance, internal capital generation and financial fundamentals, including a strong investment, liquidity and reserve profile.

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