Rating

Fitch Ratings

On May 21, 2025, 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 Rating Agency Ltd. (“Moody’s Local”)

Moody’s Local BR Rating Agency Ltd. (“Moody’s Local”) affirmed, on January 5, 2026, the long-term issuer and deposit ratings at AA-.br, as well as the short-term deposit rating at ML A-1.br, both with a stable outlook. The affirmation of Banese’s ratings reflects the combination of its individual credit profile and our assumption of an extremely high probability of support from its controlling shareholder, the Government of the State of Sergipe. This support is evidenced by capital contributions totaling R$ 150 million since 2023. Additionally, we consider Banese’s strategic role in Sergipe, given its significant participation in credit and deposits in the local market.

Rating Agencies Classification