Fitch affirms Banco do Nordeste do Brasil

Fitch Ratings said it affirmed Banco do Nordeste do Brasil SA's foreign- and local-currency long-term issuer default rating at BBB, foreign- and local-currency short-term issuer default rating at F2, viability rating at BB-, national long-term rating at AAA(bra) and national short-term rating at F1+(bra).

The bank's ratings are equal to the Federal Republic of Brazil's sovereign foreign-currency issuer default rating and are derived from the support of its main shareholder, the National Treasury, an entity fully controlled by the Brazilian federal government, Fitch said.

This support also reflects the importance of the bank for the development of Brazil's northeast region, the agency said.

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