Fitch assigns Desenvolve SP BB-

Fitch Ratings said it assigned Desenvolve SP - Agencia de Fomento do Estado de Sao Paulo SA’s long-term foreign-currency and local-currency issuer default ratings at BB- with a negative outlook and the national long-term rating at AA(bra), with a stable outlook.

“Desenvolve SP’s ratings are derived from and equalized to the parent ratings, the state of Sao Paulo (BB-/negative), because Fitch considers Desenvolve SP strategically important to the state. In Fitch’s opinion, Desenvolve SP is a core subsidiary in terms of financial services to its owner, the state where Desenvolve SP focuses its operation,” Fitch said in a press release.

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