S&P rates Itau Unibanco BBB-

Standard & Poor’s said it assigned BBB- and A-3 global scale ratings and brAAA and brA-1+ national scale ratings on Itau Unibanco SA.

The outlook is stable.

Itau Unibanco is considered a core subsidiary of its controlling shareholder, Itau Unibanco Holding SA, so its ratings are equalized with the ratings with those on its parent, S&P said.

Itau Unibanco holds a very important position within the group as it conducts the booking of retail operations and accounts for a major part of the group’s total assets, the agency said.

This subsidiary holds a full banking license and is separate from the group solely for operational and tax reasons, S&P said. Itau Unibanco’s operations are integral to the group strategy, the agency said.

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