Fitch rates Banco Santander Banespa BB+, AA+(bra)

Fitch Ratings said it assigned ratings to Brazil-based Banco Santander Banespa SA, formerly Banco Santander Meridional SA. Banco Santander Banespa was renamed after it absorbed Banco Santander Central Hispano's operating group in Brazil.

Ratings assigned include a BB+ foreign-currency issuer default rating, B short-term foreign-currency rating, BBB- local-currency issuer default rating, F3 short-term local-currency rating, AA+(bra) national long-term rating, F1+(bra) national short-term rating, C individual rating and 3 support rating.

The outlook is stable.

At the same time, Fitch withdrew the ratings of Banco Santander Banespa's predecessor banks: Banco Santander Meridional, Banco do Estado de Sao Paulo SA and Banco Santander Brasil SA.

The foreign-currency issuer default rating is capped by the BB+ country ceiling, while the local-currency issuer default rating is higher than Brazil's BB sovereign rating. The agency said these, together with the national ratings, reflect shareholder strength and the strategic importance of the Brazilian operation to Banco Santander Central Hispano, as well as Fitch's conviction that Banco Santander Central Hispano is fully committed to developing Banco Santander Banespa's competitive advantages. The individual rating is supported by the group's growing local franchise and Banco Santander Central Hispano's risk management and technological support.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.