Fitch rates Banco Votorantim notes BBB-

Fitch Ratings said it assigned a BBB- long-term foreign-currency rating to Banco Votorantim SA's senior unsecured debt issuance.

These notes are issued under the bank's $5 billion global medium-term program, for which about $3.1 billion have already been issued in several tranches.

The issuance is denominated in Brazilian real in the amount R$1 billion and will be used for general banking purposes.

The issuance ranks pari passu with all other senior, unsubordinated, unsecured obligations that the bank has.

The bank has a long-term foreign-currency issuer default rating of BBB- with a stable outlook.

The ratings are based on the support that Fitch said it believes the bank would receive from Banco do Brasil SA in a stress scenario.

The agency said it believes that, despite Banco do Brasil's status as a minority shareholder, there is a high probability that it would provide support in case of need, given that Banco Votorantim has become its main business arm in the important segment of light vehicles.

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