Fitch to rate Banco Santander (Brasil) notes BBB+

Fitch Ratings said it expects to assign a BBB+ rating to Banco Santander (Brasil) SA's upcoming issue of senior notes with a maturity of up to five years. The expected rating corresponds to the bank's A- long-term local-currency issuer default rating and BBB+ long-term foreign-currency issuer default rating and ranks equal with other senior debt.

The outlook is stable.

The proceeds will be used for general banking purposes.

The agency said Banco Santander (Brasil)'s ratings are driven by the support Fitch expects the bank would receive from its parent, Spain's Banco Santander, due to the strategic importance of this subsidiary within Banco Santander's global operations.

Banco Santander (Brasil) has grown its local franchise and holds a solid position in retail and wholesale market niches, Fitch said.

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