Fitch assigns Itau Unibanco notes BBB-

Fitch Ratings said it assigned a rating of BBB- to the reopening of Itau Unibanco Holdings SA's 2021 subordinated notes.

The notes will be issued by the bank's Grand Cayman branch, for an amount to be determined. Principal will mature in 2021, the agency said, and interest payments will be made semi-annually. The notes, part of a $10 billion global medium-term note will carry a fixed interest rate to be set at time of issuance.

The rating of the subordinated notes is two notches below the bank's long-term currency issuer default rating of BBB+, reflecting the issue's subordinated status, Fitch said.

The notes rank at least equally with similar subordinated debts, the agency said, and the bank's foreign-currency issuer default rating is constrained by Brazil's country ceiling.

The ratings reflect its broad and diversified franchise, strong management team and track record for solid performance and good asset pricing, Fitch added.

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