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Fitch to rate Itau notes BBB
Fitch Ratings said it expects to assign a BBB(exp) rating to Itau Unibanco Holdings SA's upcoming fixed-rate subordinated notes due 2022.
The bank has a BBB+ long-term issuer default rating, F2 short-term issuer default rating, A- local-currency long-term issuer default rating, F1 local-currency short-term issuer default rating, AAA(bra) national long-term rating, F1+(bra) national short-term rating, a- viability rating, 2 support rating and BBB- support rating floor. Its Brazilian real-denominated notes are rated BBB+, and its dollar-denominated notes are rated BBB.
The outlook is stable.
The proceeds of the new notes will be used for general corporate purposes.
The agency said the ratings reflect Itau Unibanco's broad and diversified franchise, the quality of its management team, its track record for solid performance, its robust risk controls, its ample liquidity and its greater diversification compared with local peers due to its overseas presence.
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