Moody's Local affirms Itaúsa AAA.br rating with stable outlook

On 4 September 2026, credit rating agency Moody's Local reaffirmed its AAA.br rating for Itaúsa with a stable outlook. The agency highlighted the solid financial profile of Itaú Unibanco Holding, which remains Itaúsa's main operational investee.

Moody's Local noted that Itaúsa faces structural subordination relative to the bank. However, the agency stated this factor is mitigated by low leverage, a comfortable cash position, broad market access for liability management, and growing proceeds from non-financial holdings.

In June, Itaú Unibanco accounted for roughly 85% of Itaúsa's investment portfolio, while bank payouts represented more than 90% of all holding revenues in recent years. Non-financial investments made up 15% of the portfolio in the first half of the year, with recurrent earnings expected to increase gradually as those assets mature.

The agency also pointed to active portfolio management, such as capital contributions to strategic assets like Aegea. Amid a challenging macroeconomic backdrop, Moody's Local observed that Itaúsa chose debt reduction and extended maturities over new investments, supporting sound debt service coverage and broad financial flexibility.