Fitch to rate Banco Daycoval notes BB

Fitch Ratings said it assigned a BB foreign-currency long-term rating to Banco Daycoval SA's offering of up to $150 million senior notes due February 2015.

The issuance is part of a euro medium-term notes program of up to $1 billion.

The outlook is stable.

Proceeds will be used to extend the bank's funding structure and to enable new business generation.

Ratings reflect the bank's consistent track record of profitability, satisfactory local and international funding structure and management's ability to adjust during downturns, the agency said.

Ratings also reflect the bank's medium size and concentrations of assets and liabilities, and challenge of seeking more diversified and longer-term funding channels, the agency noted.

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