Fitch rates Banrisul notes BB-

Fitch Ratings said it assigned Banco do Estado do Rio Grande do Sul's (Banrisul) reopening subordinated notes a rating of BB-.

The reopening will be for an amount that will be set at the time of the issuance with a tenor for approximately 10 years with a maturity date of January 2022; interest payments will be made semi-annually. The notes will carry a 7.375% fixed interest rate.

The notes will rank at least equally with similar subordinated debt and carry a cumulative coupon deferral mechanism that can be exercised.

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