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Moody's rates Itaś Unibanco notes Baa2
Moody's Investors Service said it assigned long- and short-term foreign-currency debt ratings of Baa2 and prime-2, respectively, to Itaś Unibanco Holding SA's $10 billion global medium-term note program. Moody's also said it assigned a Baa2 long-term foreign-currency subordinated debt rating to the $1 billion subordinated notes issued by the bank, through its Grand Cayman branch. The notes issued under the referenced program are due in April 2020 and are eligible for tier 2 equity upon regulatory approval.
The outlook is positive.
The agency noted that the subordination of the notes was taken into consideration by applying a one-notch differential from the bank's A2 global local-currency deposit rating.
The bank's ratings are constrained by Brazil's Baa2 country ceiling, Moody's said.
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