Moody’s rates BFB Leasing’s debentures Aaa.br
Moody’s America Latina Ltda. assigned a Aaa.br National Scale debt rating to BFB Leasing’s eighth issuance of subordinated, non-convertible debentures to be issued under its first debentures program for a total of R$10 billion. The debentures have a 20 year tenor.
On the Global Scale, Moody’s Investors Service assigned an A2 global local currency debt rating to BFB Leasing’s R$10 billion subordinated debentures issuance.
The rating agency noted that the subordination was taken into consideration in the assignment of the debentures rating. However, at the highest rating levels on the National Scale, the one-grade notching that would usually be applied to subordinated issues does not affect the final debt rating. National ratings isolate systemic risks and do not address loss expectation associated with systemic events that could affect all issuers - even those that receive the highest ratings on the National Scale.
BFB Leasing is headquartered in Poa, S?o Paulo, Brazil, and it reported total assets of approximately R$30.8 billion and equity of R$470 million as of September 2007.