Fitch rates Banco Santander Brasil notes BBB+

Fitch Ratings said it expects to assign a rating of BBB+ to Banco Santander (Brasil) SA's upcoming issue of CHF 150 million 3.25% senior notes due April 12, 2016.

The notes will be issued through the Grand Cayman Branch.

The bank's long-term local-currency issuer default rating is A- and the long-term foreign-currency issuer default rating is BBB+.

The outlook is negative.

Proceeds will be used for general banking purposes.

The notes are part of a $10 billion global medium-term note program, of which about $4.1 billion is currently outstanding.

The issuer default ratings are driven by the likely support from the parent company Banco Santander (A/negative) due to the strategic importance of this subsidiary within Santander's global operations, according to the agency.

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