Fitch rates Banco Daycoval notes BB

Fitch Ratings said it assigned an expected long-term foreign-currency rating of BB to Banco Daycoval SA's upcoming $300 million of five-year dollar senior notes due 2016.

The long-term foreign- and local-currency issuer default ratings are BB and the short-term foreign- and local-currency issuer default ratings are B.

The outlook is stable for the long-term issuer default rating.

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

Daycoval's ratings reflect the bank's consistent track record of profitability, strong capitalization and prudent management of liquidity, maintaining high liquid assets even in stressful times, the agency said.

Ratings also factor in Daycoval's medium size, its consequent asset and liability concentrations, and the challenge of finding more diversified funding channels and revenue sources, the agency noted.

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