Moody's rates Itausa debentures Ba3

Moody´s Investors Service said it assigned a Ba3 global local currency debt rating and an A1.br Brazilian national scale rating to Itausa SA's R$1.3 billion of senior unsecured debentures with a final maturity Dec. 15, 2030.

Itausa is an investment holding company that garners most of its income from its investment in Itau Unibanco SA. Moody’s said it based the Ba3 rating off of Itau Unibanco’s ba2 adjusted baseline credit assessment.

Itausa used the proceeds to acquire a 48.5% minority stake at Copagaz Distribuidora de Gas SA for R$1.232 billion. Itausa, Copagaz and Nacional Gas Butano Distribudora Ltda formed the acquiring group that purchased all shares of Liquigas Distribuidora SA from Petroleo Brasileiro SA. The Liquigas’ acquisition cost R$4 billion.

The outlook is stable.

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