S&P gives Bndes notes BBB-

Standard & Poor's said it assigned its BBB- foreign currency rating to the unsecured unsubordinated notes issued by Banco Nacional de Desenvolvimento Economico e Social (Bndes).

The agency said that the bank plans to raise up to $1 billion through this new issue due in 2020 as part of its strategy to tap various sources of funding to support significant loan disbursements in 2010.

S&P added that its rating on Bndes reflects both the bank's role as a national development bank and the support it receives from the government of the Federative Republic of Brazil (foreign currency: BBB-/stable/A-3; local currency: BBB+/stable/A-2) due to the critical role the bank plays within the Brazilian government's development plans.

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