Moody's gives National Development notes Baa3

Moody's Investors Service said it assigned a Baa3 foreign currency debt rating to the proposed $1 billion notes to be issued by National Development Co.

The outlook is stable.

Moody's said it also expects to rate the $1billion of senior unsecured notes due 2018 by Banco Nacional de Desenvolvimento Econômico e Social at Baa3.

Moody's added that it observed that the National Development notes are expected to be mandatorily exchanged for notes maturing in 2018 that are direct, senior unsecured obligations of Banco Nacional.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.