Fitch rates Banco Santander (Brasil) notes BBB

Fitch Ratings said it assigned a BBB rating to Banco Santander (Brasil) SA's Brazilian real-denominated senior unsecured notes due March 18, 2016.

A reopening of this issuance for up to an additional R$500 million is to be issued through the bank's Grand Cayman branch.

The additional notes will be settled in U.S. dollars. The notes are part of a $10 billion global medium-term note program of which about $7 billion is currently outstanding, Fitch said.

The proceeds will be used by the bank for general corporate purposes.

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

The ratings are driven by the bank's current viability rating, which is one notch below the viability rating of its parent, Banco Santander SA, Fitch said.

The bank remains strategic for Banco Santander, having contributed 26% of consolidated net income in 2012, the agency said.

The negative outlook reflects the outlook of its parent company, Fitch said.

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