DBRS: Espirito Santo debt BBB, notes BBB (high)

DBRS said it assigned a rating of BBB with a negative trend to the dated subordinated debt issuance of Espirito Santo Financial Group, SA.

DBRS assigned a rating of BBB (high) with a negative trend to the guaranteed senior notes issued by ESFIL - Espirito Santo Financiére SA under the European medium-term note program of Espirito Santo Financial and ESFIL.

The subordinated debt rating follows DBRS standard notching policy, which is one notch below the senior long-term debt rating for Espirito Santo Financial of BBB (high), the agency said.

All notes issued by ESFIL under the medium-term note program are unconditionally and irrevocably guaranteed by spirit Santo Financial, which is the direct parent of ESFIL with 100% ownership, the agency said.

Accordingly, the notes' rating is equal to that of Espirito Santo Financial's senior long-term debt rating.

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