S&P rates Banco Fibra notes BB-

Standard & Poor's said it assigned a BB- foreign-currency long-term debt rating to the $150 million unsecured unsubordinated three-year notes issued by Banco Fibra SA (BB-/stable/B global scale, brA-/stable/brA-2 Brazil national scale ratings), acting through its Cayman Islands branch.

Ratings incorporate the increasing competition affecting most Brazilian banks serving small and midsize companies, the agency said.

Ratings also reflect potentially higher delinquency ratios because of increases in consumer finance loans and the bank's challenge to maintain an increasing and diversified funding base, S&P said.

Strong asset quality indicators, good track record, expertise in the corporate and middle-market segments and improved profitability temper these risks, the agency noted.

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