Fitch sees rating Itau Unibanco notes B+

Fitch Ratings said it assigned an expected rating of B+ to Itau Unibanco Holding’s tier 2 subordinated notes. The size of the offering through Itau Unibanco’s Grand Cayman Branch is yet to be determined.

The notes have a 10-year tenor but may be redeemed at the bank’s option on the fifth anniversary of the issuance.

The notes are rated two notches below Itau Unibanco’s viability rating of bb. The notching is driven by the subordinated status and the expected high loss severity of the notes, Fitch said.

Proceeds of the tier 2 subordinated notes will be used for general corporate purposes.

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