Moody's rates Valid notes Ba2

Moody's Investors Service said it assigned a Ba2 global scale rating and Aa3.br national scale rating to the R$250 million senior unsecured debentures to be issued by Valid SA.

Valid's corporate family rating remains unchanged at Ba2, along with its senior unsecured rating at Aa3.br.

The outlook is stable.

The ratings reflect the company's market position as one of Brazil's major suppliers of plastic cards for payment transactions and ID systems, SIM cards and printing services, Moody's said.

The ratings also are supported by the company's long-term client relationships with financial institutions, state governments and telecommunications companies, the agency said

The ratings are constrained by Valid's relatively small size in comparison to global peers, the regional nature of its operations and its reliance on a small group of large clients in banking and telecom, Moody's said.

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