S&P rates BES Investimento notes BBB-

Standard & Poor's said it assigned its BBB- foreign-currency rating to $500 million in five-year, medium-term senior unsecured notes proposed by BES Investimento do Brasil.

The outlook is stable.

The notes will be direct, unsecured and unsubordinated obligations of BES Investimento and will rank pari passu with all other present and future unsecured and unsubordinated external debt of the issuer.

The ratings reflect the company's status as a strategically important subsidiary of Portugal-based Banco Esprito Santo de Investimento SA, S&P said. This strong ownership supports the bank's better-than-peers financial flexibility, the agency said.

But its small size, competitive operating conditions and more volatile profit generation offset these strengths, the agency said.

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