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Moody's: Itau debt Baa1
Moody's Investors Service said it assigned Itau Unibanco Holding SA Grand Cayman Branch's proposed subordinated debt issuance a Baa1 foreign currency debt rating, on review for possible downgrade.
Moody's said that the subordination of the notes was taken into account by applying a one-notch differential from Itau's A2 global local currency issuer rating, currently on review for possible downgrade.
The proposed notes will be issued under the existing $10 billion global medium-term note program, rated provisional Baa1/P-2, and are eligible for tier 2 equity treatment upon regulatory approval.
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