Moody's rates Nossa Caixa Ba3

Moody's Investors Service said it assigned long- and short-term local-currency issuer ratings of Ba3 and not-prime, respectively, to Nossa Caixa Desenvolvimento - Agência de Fomento do Estado de São Paulo SA, which is a government development agency owned by São Paulo. Moody's also said it assigned to foreign-currency issuer ratings of Ba3 and not-prime and national scale long-term ratings of A3.br and national scale short-term ratings of BR-2.

The outlook is stable.

The ratings take into account the start-up profile of the company, which is still in the process of structuring operations, risk management functions and staff, and has a very limited track record, Moody's said.

The agency was established in March 2009 with a mission of providing medium- and long-term financing to state-based small and medium enterprises, in line with the state government's development and economic policies, the agency said.

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