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Fitch downgrades Itau Unibanco
Fitch Ratings said it downgraded the viability ratings of Itau Unibanco SA and Itau Unibanco Holding SA to bb from bb+, which remain one notch above Brazil's sovereign rating.
The ratings reflect the issuers' very strong credit profile, adequate loss absorption capacity, high liquidity and stable and diversified funding base, the agency said.
Fitch believes that these entities will be able to withstand a further deterioration in the operating environment.
Because the banks’ issuer default ratings are driven by their viability ratings, their long-term foreign currency and local currency issuer default ratings were downgraded to BB from BB+.
The agency also revised the support rating floors to B+ from BB-, reflecting the sovereign's reduced capacity to support them. The support ratings were also downgraded to 4 from 3.
The short-term local currency and short-term foreign currency issuer default ratings were affirmed at B.
The outstanding debt (senior and subordinated) ratings were also downgraded by the same magnitude as their long-term foreign currency issuer default ratings.
Furthermore, Fitch assigned Itau Unibanco Holding’s upcoming issuance of Tier I unsecured subordinated notes an expected rating of B(EXP).
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