Moody's assigns debut AA+.br ratings to Inter, recognizing strong financial position

Rhea-AI Summary

Inter&Co (NASDAQ: INTR), a leading financial super app, has received AA+.br ratings from Moody's for Banco Inter in Brazil, indicating a strong financial position and stable outlook. The ratings underscore Inter's growth in digital retail banking, profitability, and robust capital levels. Moody's highlighted Inter's low funding costs, strong risk management, and controlled delinquency levels. CEO Joao Vitor Menin affirmed the company's commitment to exceptional services and their 60-30-30 plan. Moody's anticipates continued growth in profitability and asset quality for Inter.

Positive

• Moody's has assigned AA+.br ratings to Banco Inter, indicating strong financial health.
• The ratings come with a stable outlook, reflecting confidence in future performance.
• Inter&Co serves over 32 million customers across the Americas, indicating a broad market reach.
• Inter's digital retail banking model is expanding, contributing to profitability growth.
• Moody's report notes robust capital levels and low funding costs for Inter.
• The company maintains strong risk management practices, with controlled delinquency levels.
• CEO Joao Vitor Menin emphasized commitment to the 60-30-30 plan and delivering value to customers and shareholders.

Negative

• No immediate negative financial or business impacts were specifically highlighted in the press release.

BELO HORIZONTE, Brazil, May 31, 2024 (GLOBE NEWSWIRE) -- Inter&Co (NASDAQ: INTR), the leading financial super app serving over 32 million customers across the Americas, is pleased to announce that Moody's has assigned Banco Inter in Brazil with first time AA+.br long-term issuer and deposit ratings, along with a stable outlook. These debut ratings from Moodys highlight Inter's strong financial position and reflect its expanding digital retail banking model and growth in profitability.

Moody's report emphasized Inter's consistent expansion of operations while maintaining robust capital levels and low funding costs. The ratings also recognize Inter's strong risk management practices, with controlled delinquency levels and prudent credit risk policies.

"We are proud of the ratings assigned by Moody's, which further validate our position in the market," said Joao Vitor Menin, CEO of Inter&Co. "We remain committed to delivering exceptional services and value to our customers and shareholders and fulfilling our 60-30-30 plan."

The ratings affirmation reinforces Inter's dedication to maintaining a strong financial position and delivering reliable services to its growing customer base. Per the report, Moody's expects Inter to continue its growth in profitability and maintain asset quality and capital levels in the future.

About Inter&Co:
Inter&Co (NASDAQ: INTR), the company that controls Banco Inter in Brazil and the subsidiary Inter&Co Payments, is the pioneering financial super app serving over 32 million customers across the Americas. The Inter&Co ecosystem offers a broad array of services, including banking, investments, mortgages, credit, insurance, and cross-border payments. The financial super app also boasts a dynamic marketplace, linking consumers with shopping discounts, cashback rewards, and exclusive access to marquee events across the globe. Focused on innovation and captivating member experiences, Inter&Co delivers comprehensive financial and lifestyle solutions to meet the evolving needs of modern consumers.

For IR inquires:
ir@inter.co
santiago.stel@inter.co

For press inquiries:
inter@chemistrycultura.com
kaio.philipe@inter.co

FAQ

What ratings did Moody's assign to Banco Inter?

Moody's assigned AA+.br long-term issuer and deposit ratings to Banco Inter.

When were the new ratings for Banco Inter announced?

The new ratings for Banco Inter were announced on May 31, 2024.

What does the AA+.br rating indicate about Inter&Co's financial position?

The AA+.br rating indicates a strong financial position and a stable outlook for Inter&Co.

How many customers does Inter&Co serve?

Inter&Co serves over 32 million customers across the Americas.

What growth areas did Moody's highlight in their report?

Moody's highlighted growth in digital retail banking, profitability, and robust capital levels.

What are Inter&Co's strengths according to Moody's?

Inter&Co's strengths include low funding costs, strong risk management, and controlled delinquency levels.

What is the outlook for Inter&Co according to Moody's?

Moody's provided a stable outlook for Inter&Co, expecting continued growth in profitability and asset quality.