Moody's rates Itaś Unibanco notes Baa2

Moody's Investors Service said it assigned a Baa2 foreign-currency debt rating to the subordinated unsecured notes to be issued by Itaś Unibanco Holding SA through its Cayman branch in the minimum amount of $500 million due in January 2021.

The outlook is positive, in line with the country ceiling for Brazil's bonds.

The agency noted that subordination of the new note issue was considered by applying a one-notch differential from the bank's A2 issuer rating.

At this rating level, the Cayman branch's foreign-currency bond rating is constrained by Brazil's Baa2 country ceiling, which also has a positive outlook, the agency said.

The proposed notes are being issued under the existing $10 billion global medium-term note program, Moody's said.

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