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Moody's rates Santander Brasil notes Baa1
Moody's Investors Service said it assigned a Baa1 foreign currency debt rating to the proposed senior unsecured notes to be issued by Banco Santander (Brasil) SA, acting through its Grand Cayman Branch.
The notes will be denominated in Brazilian real and settled in U.S. dollar, due March 2016. The proposed notes are being issued under the existing $10 billion global medium-term note program, rated provisional Baa1.
The outlook is stable.
Moody's said that the foreign currency senior unsecured debt rating derives from Santander Brasil's Baa1 global local currency deposit rating, which incorporates the bank's standalone bank financial strength rating of C-; Moody's view that there will be high support forthcoming from its owner, Banco Santander SA (Spain); and Moody's assessment of a good probability of support from the Brazilian authorities, given the bank's significant participation in the deposit industry.
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