S&P rates Banco Itau notes BBB-

Standard & Poor's said it assigned a BBB- long-term foreign-currency senior unsecured debt rating to the $100 million senior unsecured notes due in one year issued by Banco Itau SA (BBB-/positive/A-3), acting through its Cayman branch.

"The rating on Itaś reflects its strong and diversified retail franchise, which supports a robust share of total deposits and positive revenue mix in Brazil," S&P credit analyst Tamara Berenholc said in a written statement. "Itaś's above-average profitability, compared with that of major peers, is a result of the bank's strong risk management and operational efficiency."

These factors are partially mitigated by Itaś's exposure to Brazil's economic and industry risk, including the challenge to increase lending while reducing credit risk, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.