Moody's assigns Itau Unibanco notes Baa2

Moody's Investors Service said it assigned a Baa2 foreign-currency debt rating to the proposed subordinated unsecured notes to be issued by Itau Unibanco Holding SA through its Cayman Branch due December 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 global local-currency deposit rating.

At this rating level, the bank's foreign-currency bond rating is constrained by Brazil's Baa2 country ceiling, Moody's said.

The proposed notes will be issued under the existing $10 billion global medium term note program, the agency said.

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