S&P rates Bndes notes BBB-

Standard & Poor's said it assigned its BBB- rating to Banco Nacional de Desenvolvimento Economico e Social's (Bndes; foreign currency BBB-/stable/--; local currency BBB+/stable/--) proposed dollar-denominated senior unsecured notes.

The ratings on Bndes reflect its "strong" business position, "adequate" capital and earnings, "adequate" risk position, "above-average" funding and "strong" liquidity, S&P said in a news release.

S&P said it also views the bank as a government-related entity with an "almost certain" likelihood of receiving extraordinary government support.

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