Moody’s rates Itau Unibanco notes Baa3

Moody's Investors Service said it assigned a Baa3 foreign currency senior unsecured debt rating to the proposed notes to be issued by Itau Unibanco Holding SA, acting through its Grand Cayman branch (IUH Cayman).

The notes will be issued under Itau Unibanco’s existing $100 billion global medium-term note program, which is rated provisional Baa3 and will mature in 2018.

The outlook is negative.

Moody's said the foreign currency senior unsecured debt rating derives from Itau Unibanco’s Baa3 issuer rating, which incorporates one notch of structural subordination from the Baa2 deposit rating assigned to its main banking subsidiary Itau Unibanco SA.

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