Fitch expects to give BBB rating to Itau Unibanco notes

Fitch Ratings said it expects to assign a BBB rating to the dollar-denominated fixed-rate tier 2 subordinated notes due 2022 that Itau Unibanco Holdings SA plans to issue through its Grand Cayman branch. The proceeds will be for general corporate purposes.

The company has a BBB+ long-term issuer default rating with a stable outlook, an F2 short-term issuer default rating, an A- local-currency long-term issuer default rating, an F1 local-currency short-term issuer default rating, an AAA(bra) national long-term rating, an F1+(bra) national short-term rating, an a- viability rating, a 2 support rating and a BBB- support rating floor.

Itau Unibanco's viability rating reflects Fitch's assessment of its high credit quality and strong prospects for ongoing viability. The agency said the ratings also reflect Itau Unibanco's broad and diversified franchise, track record of solid performance, robust risk controls, ample liquidity and greater diversification compared to local peers.

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