Fitch affirms Bndes

Fitch Ratings said it affirmed Banco Nacional de Desenvolvimento Economico e Social's (Bndes) foreign- and local-currency long-term issuer default ratings at BBB-, foreign- and local-currency short-term issuer default rating at F3, national long-term rating at AA+(bra) and national short-term rating at F1+(bra).

Fitch also said it affirmed the long-term foreign-currency rating of the bank's issuance of $1 billion unsecured notes maturing in 2019 at BBB-.

The affirmation reflects the control of the federal government of the bank, Fitch said, and its continued importance in the implementation of the government's national economic development plans.

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