S&P rates Santander Banespa notes BBB

Standard & Poor's said it assigned its preliminary BBB rating to Banco do Estado de Sao Paulo SA (Banespa) and Banco Santander Brasil SA's (together referred to as Santander Banespa) $400 million 5.5% notes series 2004-1 due Sept. 1, 2011 issued by Brazil Foreign Diversified Payment Rights Finance Co.

The preliminary rating reflects the transaction's high credit enhancement levels, the structure, and the issuer's ability to pay timely interest and principal on the notes. The preliminary rating does not address the payment of a make-whole premium or additional amounts to the noteholders.

The transaction will securitize all current and future diversified payment rights in the form of dollar- and euro-denominated payment orders generated through the international banking operations of Banespa and Santander of Brazil. Payment orders include Society for Worldwide International Financial Telecommunications MT100 and MT200 series payment order messages. Santander Brasil, Banespa, and Santander Meridional (not participating in this transaction as an originator) form Grupo Santander Banespa.

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