Fitch affirms Banco Santander

Fitch Ratings said it affirmed the ratings of Banco Santander Banespa SA at foreign-currency issuer default BBB-, local-currency issuer default BBB, short-term foreign- and local-currency issuer default F3, individual C, support 3, national long-term AAA(bra) and national short-term F1+(bra).

The outlook is stable for the foreign- and local-currency issuer default ratings and the national long-term rating.

The ratings reflect the strategic importance of the Brazilian operation to the group, the strength of the bank's shareholder Banco Santander Central Hispano and its potential to develop the bank's competitive advantages, the agency said.

The bank has seen credit growth in its major business lines, along with an increased and balanced revenue base, which has been pressed by declining interest rates and higher provisions, the agency said.

The bank has been affected by extraordinary gains and losses, typical of a consolidation process, but its recent performance has built on its increasingly diversified client base, Fitch said.

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