Rating

Fitch Ratings

On August 30, 2021, Fitch Ratings affirmed the Bank’s National Long-Term Rating at ‘A-(bra)’ (A minus (bra)) and changed the outlook from Stable to Negative. The review of the outlook to Stable reflects Fitch’s view that the impacts of the coronavirus pandemic on Banese’s business model and financial profile were lower than expected, mainly on credit quality and profitability metrics.

 

Moody´s Latin America Ltda (“Moody’s Local”)

On June 29, 2021, Moody’s América Latina Ltda (“Local Moody’s”) assigned Banese a AA-.br rating, with a AA-.br rating on the Bank’s long-term deposits and a ML A-1.br rating on its short-term deposits, both on a national scale, with a Negative outlook, due to the exposure of its business segments that are more vulnerable to the Covid-19 pandemic, which can affect asset quality and profitability.

 

Moody’s Investors Service (Moody’s)

On December 11, 2020, Moody’s Investors Service (Moody’s) upgraded Banese’s foreign currency deposit rating to Ba2, previously Ba3, due to Brazil’s foreign currency ceiling (stable Ba2) raised to Baa2 announced on December 7, 2020. The outlook for the rating of foreign currency deposits has changed from Stable to Negative. The Stable outlook was due to the sovereign ceiling that limited the Bank’s foreign currency deposit rating, which carried the sovereign’s Stable outlook, despite the Bank’s other ratings having a Negative outlook.

 

Rating Agencies Classification

Agency Scale Long-Term Short-Term Outlook
Fitch Ratings National A- (bra) F1 (bra) Stable
Moody’s Local National – Deposits AA-.br ML A-1.br Negative
Moody’s Investors Service Global in Domestic Currency – Deposits Ba2 Not Prime Negative
Global in Foreign Currency – Deposits Ba2 Not Prime Negative