Rating

Fitch Ratings

On August 31, 2023, the Fitch Ratings revised the Long-Term National Rating of Banese to ‘AA+(bra)’, Stable Outlook, after recalibrating its Correspondence Table of National Rating following the upgrade of Brazil’s Sovereign Rating. The National Short-Term Rating remains ‘F1+(bra)’. Banese’s domestic ratings reflect Fitch’s opinion that, if required, the bank would receive support from its controlling shareholder, the state of Sergipe, whose credit profile is evaluated by the agency internally. Fitch believes that Banese is strategically relevant for Sergipe, since it is the main financial agent of the local government and has a significant market share in credits and deposits in the state. According to the agency, the bank has a stable business model and adequate economic-financial indicators.

Moody’s Local BR Agência de Classificação de Risco Ltda. (“Moody’s Local”)

On July 8, 2022, Moody’s Local BR Agência de Classificação de Risco Ltda. (“Moody’s Local”) downgraded the issuer rating from AA-.br to A+.br, the long-term deposit rating from AA-.br to A+.br, and confirmed the short-term deposit rating as ML A-1.br. The perspective is stable. The downgrade reflects, among other factors, the continuation of pressures caused by the increased delinquency in the Bank’s loan portfolio, as well as the maintenance of relatively low capital levels compared to the market.

Rating Agencies Classification