Fitch upgrades Sanbra

Fitch Ratings said it upgraded Banco Santander (Brasil) SA's (Sanbra) issuer default ratings to BBB+ from BBB following the May 29th upgrade of Banco Santander SA Spain's issuer default and viability ratings.

The ratings upgraded include its long-term local-currency issuer default rating to BBB+ from BBB, long-term foreign-currency issuer default rating to BBB+ from BBB, senior notes due 2015

The upgrades reflects the support that Fitch said it believes the bank would receive from its parent Banco Santander SA Spain, should it be needed.

Fitch said Sanbra is as a core subsidiary, sharing the same brand, presenting high integration and having contributed 20% to 26% of the group' s consolidated net income over the past few years.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.