Fitch rates Itau Unibanco notes BBB-

Fitch Ratings said it assigned to Itau Unibanco Holding SA's upcoming 10-year dollar-denominated subordinated fixed-rate notes an expected long-term foreign-currency rating of BBB-.

The notes will be issued by the bank's Grand Cayman branch for an amount to be determined. Principal will mature in 10 years, Fitch said, and interest payments will be made semi-annually. The notes will carry a fixed interest rate to be set at time of issuance and it is part of a global medium-term notes program of $10 billion. The rating is contingent upon the receipt of final documents.

The bank has a long-term local-currency issuer default rating of BBB+, long-term foreign-currency issuer default rating of BBB, which is constrained by Brazil's country ceiling of BBB.

The outlook is stable.

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