Fitch ups Santander Rio to B+

Fitch Ratings said it upgraded Banco Santander Rio SA's local currency long-term issuer default rating to B+ from B and support rating to 4 from 5.

The outlook is stable.

The agency also affirmed the bank's viability rating at b.

Fitch said it upgraded Santander Rio's local currency issuer default rating and support rating as its view on shareholder support has improved.

The likelihood of parent support drives the bank's local currency issuer default rating. In the agency’s view, in light of an improved economic and regulatory policy framework and decreased risk of government intervention in private banks' operations, the probability of parent support has improved and is likely to remain in place given the strategic role of this subsidiary, Fitch explained.

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