S&P gives Itau Unibanco notes BB-

S&P said it assigned its BB- issue-level rating to Itau Unibanco Holding SA’s proposed series of global medium-term senior unsecured notes, to be sold through Itau Unibanco Holding SA (Cayman Islands).

The offering will have a three- to five-year tenor and will be dollar-denominated. The parent Itau Unibanco will use the proceeds primarily for general corporate purposes.

The rating on the notes reflects their pari passu ranking with Itau’s other senior unsecured debt obligations. “As a result, we rate them at the same level as our long-term issuer credit rating on the bank. Even though the exact amount is not yet defined, the notes should not change Itau’s funding base. Therefore, we don’t expect this issuance to alter our view of the bank’s funding profile,” S&P said in a press release.

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