S&P rates Banco Santander (Brasil) notes BBB-

Standard & Poor's said it assigned a BBB- senior debt rating to CHF 150 million of notes to be issued by Banco Santander (Brasil) SA (BBB-/positive/A-3), acting through its Grand Cayman Islands branch.

The rating on the notes is the same as the long-term counterparty credit rating on Banco Santander Brasil, the agency said. This reflects the view that the notes will rank on par with other senior unsecured debt and that they will be direct, unsecured, unsubordinated and unconditional obligations of the bank.

The bank plans to use the proceeds for general banking purposes.

The ratings on Banco Santander Brasil reflect the bank's important position in the competitive Brazilian banking industry, diversified business line and strategic importance to its parent, the agency added.

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