Fitch rates Bndes notes BBB

Fitch Ratings said it assigned an expected foreign-currency long-term rating of BBB to Banco Nacional de Desenvolvimento Economico e Social's (Bndes) upcoming issue of dollar-denominated medium-term senior unsecured notes.

The notes will rank equally with all of Bndes's other senior unsecured obligations, Fitch said.

The expected rating is in line with the company's foreign-currency long-term issuer default rating of BBB, which is equal to Brazil's sovereign rating and driven by support from the federal government, the agency said.

The bank also has foreign- and local-currency short-term issuer default ratings of F2, national long-term rating of AAA(bra) and national short-term rating of F1+(bra). The bank's $1 billion unsecured notes due in 2019 have a BBB foreign-currency long-term rating.

Bndes is Brazil's main development bank and is 100% owned by the federal government, Fitch said.

The bank plays a crucial role in the implementation of government policies aimed at economic development, the agency said.

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