Fitch rates Banco Safra note BB+

Fitch Ratings said t assigned an expected BB+ local-currency rating to the proposed unsecured and unsubordinated notes due 2017 to be issued by Banco Safra SA through its Cayman Branch in an amount of Brazilian reais equal to $200 million. The notes will be payable in dollars and will rank pari passu with Banco Safra's other senior unsecured external debt obligations.

The agency said the rating reflects Banco Safra's BB+ issuer default rating, which is based on the bank's capacity to successfully anticipate and adapt to market changes, nimble management, solid knowledge of its borrowers, unusually good controls on collateral flows, consistent performance and balance sheet strength.

The BB+ issuer default rating and C individual rating also reflect the volatility of the Brazilian economy, Fitch said.

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