Fitch rates Itau Unibanco notes BBB(emr)

Fitch Ratings said it expects to assign a long-term foreign-currency rating of BBB(emr) to Itau Unibanco Holding SA's upcoming senior fixed-rate notes. The issuance will be denominated in Brazilian reais with settlement in U.S. dollars, the agency said.

The notes will carry a fixed interest rate to be set at time of issuance and it is part of a $10 billion global medium-term notes program. The rating is contingent upon the receipt of final documents.

The expected rating corresponds to the bank's issuer default ratings and ranks equal with other senior unsecured and unsubordinated debt, Fitch said.

The company has a long-term local-currency issuer default rating of BBB+ with a positive outlook and a long-term foreign-currency issuer default rating of BBB.

The ratings are constrained by Brazil's country ceiling of BBB, Fitch said.

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