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S&P rates Banco Santander Brasil notes BBB-
Standard & Poor's said it assigned a BBB- rating to Banco Santander (Brasil) SA's forthcoming zero-coupon senior notes due 2011, including $50 million senior unsecured notes due 2011, $200 million senior unsecured notes due 2011 and $250 million senior unsecured notes due 2011.
The rating is the same as its long-term counterparty credit rating, reflecting a view that the notes will rank pari passu with other senior unsecured debt and that they will be direct, unsecured, unsubordinated and unconditional obligations of the bank, S&P said.
The proceeds will be used for general banking purposes.
The ratings mainly reflect the bank's strong ownership and brand reputation, relatively strong market position, high liquidity, good financial flexibility and the growing Brazilian economy, the agency said.
The bank's weaker-than-average profitability and high competitive pressures in the Brazilian banking sector partially offset these strengths, S&P said.
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