New York, February 29, 2012 -- Moody's Investors Service assigned an A3 global local currency debt rating
to the R$2,000,000,000 proposed issuance of non-convertible
debentures to be issued by BNDES Participações S.A.
- BNDESPAR. At the same time, Moody's America Latina
Ltda assigned an Aaa.br National Scale debt rating to the proposed
debentures. The outlook on the ratings is stable.
BNDESPAR's debentures will be issued in up to three series for a total
amount of R$2 billion, or up to R$2.7 billion
if included the issue of supplementary and additional debentures,
with the first and second series maturing July 1st, 2016 and the
third series maturing May 15th, 2019.
RATINGS RATIONALE
BNDESPAR is a wholly-owned subsidiary of Banco Nacional de Desenvolvimento
Econômico e Social S.A. -- BNDES,
rated A3/Aaa.br by Moody's. BNDESPAR's main role is to support
the Brazilian capital markets through minority, temporary equity
investments in the corporate sector, as well as through debt instruments
aimed to improve corporations' financial structures. BNDES's direct
ownership of BNDESPAR supports the ratings.
The last rating action on BNDES was on July 13, 2011, when
Moody's assigned a Baa1 long-term foreign currency debt rating
to the CHF 200 million unsecured, unsubordinated notes issued by
BNDES.
The last rating action on BNDESPAR was on October 29, 2010,
when Moody's assigned provisional National Scale debt rating of (P)Aaa.br
and a provisional global local currency debt rating of (P)A3 to BNDESPAR's
senior, non-convertible debenture issuance program in the
amount of R$8 billion. Moody's also assigned an Aaa.br
National Scale debt rating and an A3 Global Local Currency Senior Debt
rating to BNDESPAR's R$2.025 billion issuance of non-convertible
debentures.
The principal methodologies used in this rating were "Bank Financial Strength
Ratings: Global Methodology" published in February 2007, and
"Incorporation of Joint-Default Analysis into Moody's Bank Ratings:
A Refined Methodology" published in March 2007, and "Moody's Guidelines
for Rating Bank Hybrid Securities and Subordinated Debt" published in
November 2009.
Moody's National Scale Ratings (NSRs) are intended as relative measures
of creditworthiness among debt issues and issuers within a country,
enabling market participants to better differentiate relative risks.
NSRs differ from Moody's global scale ratings in that they are not globally
comparable to the full universe of Moody's rated entities, but only
with NSRs for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further
information on Moody's approach to national scale ratings, please
refer to Moody's Rating Implementation Guidance published March 2011,
"Mapping Moody's National Scale Ratings to Global Scale Ratings."
BNDES is headquartered in Rio de Janeiro, Brazil and it had assets
of R$624.8 billion (US$333.1 billion) as of
December 2011. BNDESPAR had total assets of R$110.7
billion (US$59 billion) as of December 2011.
The following ratings were assigned to BNDES Participações
S.A. -- BNDESPAR's R$2.0 billion
proposed debentures issuance:
- Long-term Global Local Currency Senior Debt Rating:
A3, with stable outlook
- Long-term Brazilian National Scale Senior Debt Rating:
Aaa.br, with stable outlook
The Local Market analyst for this rating is Alexandre Albuquerque,
+55 (11) 3043-7356.
REGULATORY DISCLOSURES
Although this credit rating has been issued in a non-EU country
which has not been recognized as endorsable at this date, this credit
rating is deemed "EU qualified by extension" and may still
be used by financial institutions for regulatory purposes until 30 April
2012. Further information on the EU endorsement status and on the
Moody's office that has issued a particular Credit Rating is available
on www.moodys.com.
For ratings issued on a program, series or category/class of debt,
this announcement provides relevant regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
this announcement provides relevant regulatory disclosures in relation
to the rating action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings from the
support provider's credit rating. For provisional ratings,
this announcement provides relevant regulatory disclosures in relation
to the provisional rating assigned, and in relation to a definitive
rating that may be assigned subsequent to the final issuance of the debt,
in each case where the transaction structure and terms have not changed
prior to the assignment of the definitive rating in a manner that would
have affected the rating. For further information please see the
ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
Information sources used to prepare the rating are the following :
parties involved in the ratings, public information, and confidential
and proprietary Moody's Investors Service information.
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entity, obligation or credit satisfactory for the purposes of issuing
a rating.
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the lead rating analyst and to the Moody's legal entity that has issued
the rating.
Jeanne Del Casino
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
M. Celina Vansetti
MD - Banking
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's rates BNDESPAR's Proposed Debentures Aaa.br National Scale Rating
