Fitch: Banco Safra notes BBB

Fitch Ratings said it assigned a long-term foreign-currency rating of BBB to Banco Safra SA's upcoming issuance of Swiss franc-denominated senior unsecured notes with maturity of three years and three months.

The notes will be issued through Safra's Cayman branch. The amount of the notes is CHF 350 million, Fitch said.

The principal will be paid at the maturity of the issuance in June 2017 and interest payments will be made annually, the agency said.

The notes are part of a global medium-term note program of up to $5 billion and its proceeds will be used by Safra for general corporate purposes, Fitch said.

The rating assigned to the new issue corresponds to the bank's issuer default ratings of BBB and ranks equal with other senior unsecured debt, the agency said.

The ratings reflect the company's solid franchise and consistent performance through economic cycles, Fitch said.

The bank's conservative risk policies have proven Safra's ability to manage risks and adapt its balance sheet and ensure liquidity during periods of economic volatility, the agency added.

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