Fitch affirms Brazilian banks

Fitch Ratings said it affirmed the ratings of Banco Bradesco SA, NCF Participacoes SA, Itau Unibanco Holding SA and Itau Unibanco SA.

Bradesco’s long-term foreign and local currency issuer default ratings are BB and its short-term foreign and local currency issuer default ratings are B. The national long-term rating is AAA(bra) and the national short-term rating is F1+(bra). Its legacy tier 2 hybrids due 2019, 2021 and 2022 are rated B+.

NCF’s national long-term rating is AA+(bra) and its national short-term rating is F1+(bra). Its senior unsecured notes due December 2020 are rated AA+(bra).

Itau Unibanco Holding’s long-term foreign and local currency issuer default ratings are BB and its short-term foreign and local currency issuer default ratings are B. Its national long-term rating is AAA(bra) and its national short-term rating is F1+(bra). Its legacy tier 2 hybrids due 2020, 2021, 2022 and 2023 are rated B+, and its additional tier 1 hybrids ratings are rated B.

Itau’s long-term foreign and local currency issuer default ratings are BB and its short-term foreign and local currency issuer default ratings are B. Its national long-term rating is AAA(bra) and its national short-term rating is F1+(bra).

The issuer default ratings for Bradesco and Itau are driven by their viability ratings, which in turn are limited by the operating environment in Brazil, the agency said.

NCF's long-term national rating remains one notch below the rating of its main operating subsidiary, Bradesco, the agency said.

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