Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,512.38 -3.89 -0.03%
TOPIX 1,171.40 -1.97 -0.17%
HANG SENG 22,760.24 64.23 0.28%

Fitch Rates Banco Santander (Brasil) S.A.'s BRL



  Fitch Rates Banco Santander (Brasil) S.A.'s BRL

Business Wire

NEW YORK -- May 2, 2013

Fitch Ratings currently rates Banco Santander (Brasil) S.A.'s (BSB) Brazilian
Real (BRL) senior unsecured notes that have a maturity of March 18, 2016 at
'BBB'.

A reopening of this issuance for up to an additional BRL 500 million is to be
issued through BSB's Grand Cayman Branch. Coupon payments will be fixed and
determined on the pricing date based on a spread over Brazilian Treasuries,
and interest payments will be made semi-annually until maturity on March 18,
2016.

The additional notes will be settled in U.S. dollars (USD). The notes are part
of a USD10 billion global medium-term note program of which approximately USD7
billion is currently outstanding. The net proceeds will be used by BSB for
general corporate purposes. The rating assigned to BSB's issuance corresponds
to the bank's Issuer Default Rating (IDR) (rated 'BBB'; Outlook Negative by
Fitch) and ranks equal to other senior unsecured debt.

BSB's IDRs and National ratings are driven by BSB's current Viability Rating
(VR 'bbb'), which is one notch below the VR of its Spanish parent, Banco
Santander S.A. (SAN 'BBB+'; Outlook Negative). BSB remains strategic for SAN,
having contributed 26% of consolidated net income in 2012. BSB's VR reflects
its healthy capital and independent funding position supported by its growing
franchise and conservative lending strategy and risk controls.

The Rating Outlook on the Long-term IDR is Negative, reflecting the Outlook of
its parent company. Fitch believes a one-notch difference between BSB's
long-term IDR and that of its parent is appropriate at this rating level. In
addition, as the fourth largest bank in Brazil, and with a deposit market
share of 8% of deposits, it is highly likely that the Brazilian government
will provide support should it be required. As such, Fitch rates BSB's Support
Rating Floor 'BBB-'.

SAN controls approximately 75% of BSB. The bank has been actively growing its
local franchise and holds a solid position in retail and wholesale market
niches, providing a broad and diversified asset base and revenue stream,
backed by the deposit base and distribution capacity of one of Brazil's
leading branch networks.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Financial Institutions Rating Criteria' (Aug. 15, 2012).

Applicable Criteria and Related Research

Global Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686181

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER
PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS
OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER
ON THE FITCH WEBSITE.

Contact:

Fitch Ratings
Primary Analyst
Robert Stoll, +1 212-908-9155
Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Eduardo Ribas, +55-11-4503-2213
Senior Analyst
or
Committee Chairperson
Franklin Santarelli, +1 212-908-0739
Managing Director
or
Media Relations:
Jaqueline Carvalho, +55 21 4503 2623, Rio de Janeiro
jaqueline.carvalho@fitchratings.com
or
Elizabeth Fogerty, +1 212-908-0526, New York
elizabeth.fogerty@fitchratings.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement