Fitch to give Itau Unibanco notes BBB+

Fitch Ratings said it expects to assign a long-term foreign currency rating of BBB+(exp) to Itau Unibanco Holding SA's upcoming dollar-denominated senior unsecured fixed-rate notes.

The notes will be issued by Itau Unibanco’s Grand Cayman branch, for an amount to be determined at the issuance. The principal will mature in three years in May 2018 and interest payments will be made semi-annually. The settlement amount paid to the investors will be denominated in dollars. The notes will carry a fixed interest rate to be set at time of issuance and are part of a $100 billion global medium-term note program.

The notes rank equal with other senior unsecured and unsubordinated debt.

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

Itau Unibanco has a long-term foreign currency issuer default rating of BBB+ with a negative outlook. The outlook was recently revised to negative from positive, mirroring the outlook on the sovereign rating.

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