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DBRS rates Espirito Santo notes R-2 (high)
DBRS said it assigned a rating of R-2 (high) with a negative trend to the guaranteed short-term instruments issued by Espírito Santo Financiére SA under the €1 billion multi-issuer euro-commercial paper program of Espírito Santo Financial Group.
The notes are unconditionally and irrevocably guaranteed by the group, which is the direct parent of Espirito Santo Financiere with 100% ownership.
Accordingly, the rating is equal to that of Espirito Santo Financial's short-term instruments rating of R-2 (high) with a negative trend, the agency said.
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