Fitch Takes Various Actions on Brazilian Financial Institutions following Sovereign Outlook Revision

RIO DE JANEIRO & SAO PAULO--()--Fitch Ratings has taken various rating actions on the following Brazilian financial institutions:

--Banco da Amazonia S.A. (BdA)

--Banco do Brasil S.A. (BdB)

--Banco Votorantim S.A.(BV)

--BV Leasing Arrendamento Mercantil S.A. (BV Leasing)

--Banco do Nordeste do Brasil S.A. (BNB)

--Banco Nacional de Desenvolvimento Economico e Social (BNDES)

--Caixa Economica Federal (Caixa)

--Banco do Estado do Rio Grande do Sul S.A. (Banrisul)

--Banco Societe Generale Brasil S.A. (BSGBr)

--Banco Cacique S.A. (Cacique)

--Banco Pecunia S.A. (Pecunia)

--Banco Santander (Brasil) S.A. (Santander Brasil)

--Santander Leasing S.A. Arrendamento Mercantil (Santander Leasing)

--Banco Safra S.A. (Safra)

--Safra Leasing S.A. Arrendamento Mercantil (Safra Leasing)

--Banco Bradesco S.A. (Bradesco)

--Bradesco Seguros S.A. (Bradesco Seguros)

--Itau Unibanco Holding S.A. (IUH)

--Itau Unibanco S.A. (Itau Unibanco)

--Banco Itau BBA S.A. (IBBA)

KEY RATING DRIVERS - IDRS, NATIONAL RATINGS, SUPPORT RATINGS (SRs), SUPPORT RATING FLOORS (SRFs), DEBT RATINGS, VIABILITY RATINGS (VRs)

The rating actions follow Fitch's recent revision of the Outlook for Brazil's sovereign ratings to Negative from Stable (see 'Fitch Revises Brazil's Rating Outlook to Negative; Affirms IDRs at 'BBB'', dated April 9 2015 at 'www.fitchratings.com'). These actions also mirror factors considered in Fitch's negative Outlook for the Brazilian banking industry (see '2015 Outlook: Brazilian Banks', dated Dec. 15, 2014).

Issuers reviewed today can be categorized in three groups:

1) Issuers whose Issuer Default Ratings (IDRs) are driven by sovereign support (BNDES, Caixa, BdB, BNB, BdA) where the federal government is the shareholder and the source of expected support;

2) Issuers whose IDRs are driven by their Viability Ratings (VRs) and that are rated above or equal to the sovereign rating (Bradesco, IUH and Safra);

3) Issuers whose IDRs are driven by institutional support and issuers whose parents are rated above or equal to the sovereign rating (BSGBr, Cacique, Pecunia, BV, Santander Brasil, Itau Unibanco, IBBA, Santander Leasing, Safra Leasing and Bradesco Seguros).

Fitch also revised Banrisul's Outlook on its long-term IDRs and National Rating to Stable from Positive. In this case, the revision reflects Fitch's opinion that the more challenging operating environment will limit the positive trend on the performance of the bank during 2015 with possible asset quality pressures and lower expected profitability. Fitch affirmed Banrisul's VR at 'bb+'.

For the first group of issuers, their IDRs are equalized with the sovereign rating based on their strategic importance to the government as economic policy tool (BdA, BNDES, BNB) and/or their systemic importance (BdB, Caixa and BNDES). As such, Fitch aligned these ratings with the sovereign ratings, and revised their Outlooks to Negative from Stable, mirroring the same revision of the sovereign's Outlook. Fitch recognizes the close relationship between these banks and the sovereign, and their ratings capture a high probability of support from the federal government in case of need, as reflected in the affirmation of their SRs at '2' and SRFs at 'BBB'.

The second group includes domestic issuers with very strong credit profiles but that are closely linked with the operating environment. Bank ratings are normally constrained by the operating environment according to Fitch's rating criteria. As such, Fitch revised the Outlook for Safra's long-term IDRs to Negative from Stable. Fitch affirmed Safra's SR at '4' and its SRF at 'B+', given Fitch's view of the bank's role in the system.

Fitch has downgraded the VRs of Bradesco and the Itau group to 'bbb+' from 'a-', resulting in a downgrade of their long-term Local Currency IDRs to 'BBB+' from 'A-'. Fitch affirmed the long-term Foreign Currency IDRs at 'BBB+', and revised the Outlooks on the long-term IDRs to Negative from Stable, mirroring the Outlook of the sovereign rating. Fitch also downgraded the short-term Local Currency ratings to 'F2' from 'F1' given their correspondence with their long-term Local Currency IDRs.

Fitch continues to believe that both Bradesco and Itau group's credit profiles meet the criteria to be rated above the sovereign rating, given their diverse and stable funding, strong profitability in Brazil and compared to other banks around the world, diverse business mix, strong and well-matched funding, good asset quality trends backed by strong loan loss reserves and sufficient capital. In addition, Fitch recognizes their solid franchises, efficient management and strategy and conservative risk appetite along economic cycles.

However, Fitch factors in that Bradesco and Itau group's almost exclusive standing as banks rated two notches above the Local Currency sovereign rating within Fitch rated portfolio is no longer justified. Bradesco's and Itau group's financial profiles have and should continue to be affected by the continued development of the Brazilian financial market, resulting in a structural change in their profitability and capitalization trends compared to previous averages that have and will continue to bring their overall risk profile closer to other banks currently rated one notch above their respective sovereign ratings and also similar to other 'bbb+' rated banks around the world.

Fitch sees a higher influence of the operating environment on these banks' overall credit profile with asset quality pressured by the deterioration of the economic environment and capitalization more in line with banks rated 'bbb+', notwithstanding recent improvements stemming from the recent contained loan growth, good internal capital generation and the limited expected impact of full-on BIS III rules, expected to be concluded in 2019.

Fitch also downgrade the ratings of subordinated notes issued by both banks, which are notched down twice from their respective VRs, following the VR downgrades. Foreign Currency senior unsecured debt ratings were affirmed. The SRs and SRFs of these banks were affirmed and continue to reflect their size and systemic relevance in the Brazilian banking system.

The IDRs of the banks in the third group are driven by the expected support from their respective shareholders. The revision of Brazil's sovereign Outlook does not affect the ability or the propensity of these banks' respective shareholders to provide support. However, their long-term Foreign Currency IDRs are already at the country ceiling, and the long-term Local Currency IDRs of BSGBr, Cacique and Pecunia are two notches above of the Local Currency IDR of the sovereign. These are the highest levels Fitch would normally rate a bank above of the sovereign due to external support. Therefore, Fitch revised the Outlooks on their long-term Foreign Currency IDRs to Negative from Stable. The Outlooks on their long-term Local Currency IDRs were already Negative, mirroring the Outlook on their parent Societe Generale's (SG, long-term IDR 'A'/Outlook Negative) ratings. Fitch affirmed the ratings of all three banks.

Still in the third group, in the case of Santander Brasil, the Outlook on its Foreign Currency IDR is revised to Negative from Stable, since it is at the country ceiling. The Outlook on its Local Currency IDR, in turn, remains Stable because of the expected support from its parent and by the fact that such rating is not constrained by the local currency sovereign rating. Fitch affirmed Santander Brasil's National Ratings and its SR, which remains at '2'.

In this group of institutional support driven ratings, there are also Itau Unibanco and IBBA, which have 'common' VRs. Hence their IDRs are the same as those of IUH, since their credit profiles cannot be meaningfully disentangled as explained in Fitch's criteria.

As a result of the downgrade of Bradesco's long term Local Currency IDR to 'BBB+' with a Negative Outlook, Fitch also downgraded Bradesco Seguros' Insurer Financial Strength (IFS) rating by one notch to 'BBB+' with a Negative Outlook. Fitch considers Bradesco Seguros a core subsidiary of Bradesco, and therefore its ratings are equalized to those of its parent. Santander Leasing and Safra Leasing are subsidiaries of Santander Brasil and Safra, respectively, and Fitch affirmed their National Ratings. BV's IDRs are based on institutional support from BdB and driven by Fitch's view that it is a strategically important subsidiary of BdB. As such, Fitch revised the Outlook on BV's IDR to Negative following the Outlook of the IDR of BB.

RATING SENSITIVITIES - IDRS, NATIONAL RATINGS, SUPPORT RATINGS, SRFs, DEBT RATINGS, VIABILITY RATINGS

The revision of the Outlook of the Long-term IDRs of the banks covered in this commentary reflects the potential for them to be downgraded in case Brazil's sovereign ratings are downgraded and the Country Ceiling is lowered. Given the current negative Outlook on most of the ratings, there are limited chances for possible upgrades for the entities subject of this review.

BdA, BdB, BNB, BNDES and Caixa's IDRs will move in tandem with Brazil's sovereign ratings. They would be affected by further changes in the sovereign ratings or Outlooks and/or in the government's willingness to provide support. Fitch does not expect a change in the government's willingness to provide support over the rating horizon. BV's IDRs would be directly affected by any change in BdB's IDRs or Outlooks and/or a change in Fitch's evaluation of its strategic importance to BdB.

IUH, Bradesco and Safra's IDRs are driven by their VRs and would be further affected by changes in the sovereign ratings or in their Outlooks.

IUH's VR could be negatively affected if its loss absorption capacity is diminished as evidenced by a sustained decrease in foreign currency below 7% and a decrease in loan loss reserve ratios from current levels which may hinder the bank's loss absorption capacity. Also, sustained periods of ROAA below 1.25% and 90-day NPL ratios above 6% may trigger a downgrade in its ratings. As the ratings of Itau Unibanco and IBBA are currently equalized to those of its parent, any change to the rating of IUH is likely to affect the rating of these subsidiaries. The ratings of the subordinated debt are subject to any change in the VR rating of IUH. The national scale ratings of the banks are sensitive to the same factors as the VR.

Bradesco's VR could be negatively affected if its loss absorption capacity is diminished as evidenced by a sustained decrease in its Fitch Core Capital (FCC) ratio below 7% and loan loss reserve ratios which may hinder the bank's loss absorption capacity. Also, sustained periods of ROAA below 1.25% and 90-day NPL ratios above 6% may trigger a downgrade of its ratings. Any changes in Bradesco's long-term local currency IDR and/or Outlook would affect Bradesco Seguros' IFS rating and/or Outlook.

An unlikely deterioration of Safra's foreign currency capital ratio to below 9% or an operating return on assets ratio of below 1% for a sustained period of time, may also trigger a negative rating review.

BBSGBr, Cacique and Pecunia's Foreign Currency IDRs are at Brazil's Country Ceiling and their Local Currency IDRs are currently two notches above the sovereign ratings. Therefore, any further changes in the Country Ceiling or sovereign ratings would directly affect these three banks' ratings. Given that their parent SG's current long-term IDR is currently three notches above Brazil's long-term IDR and two notches above the Country Ceiling, only a multiple notch downgrade of SG's IDR would affect the long-term Foreign Currency IDRs of its Brazilian subsidiaries, while a one-notch downgrade of SG's IDR would lead to a downgrade of their long-term Local Currency IDRs. Changes in the ratings of Santander Brasil's parent (Banco Santander, S.A., rated long-term Foreign Currency IDR 'A-', Outlook Stable) or willingness to provide support could trigger a rating review. Fitch considers that there is limited downside potential for Santander Brasil, even in the event of a deterioration of the parent's capacity to provide support, since the Brazilian sovereign would likely maintain a high probability of support under that scenario, due to its systemic importance.

For issuers presented in the groups 1) and 3), a significant weakening of the ability and/or propensity of parent banks to provide support (not expected by Fitch at present) could also result in downgrades of the subsidiaries' ratings.

Fitch has taken the following rating actions:

BdA:

--Long-term Foreign and Local Currency IDRs affirmed at 'BBB', Outlook revised to Negative from Stable;

--Short-term Foreign and Local Currency IDRs affirmed at 'F2';

--National long-term Rating affirmed at 'AAA(bra)', Outlook Stable;

--National Short-term Rating affirmed at 'F1+(bra)';

--Support Rating affirmed at '2';

--Support Rating Floor affirmed at 'BBB'.

BdB:

--Long-term foreign currency and local currency IDRs affirmed at 'BBB', Outlook revised to Negative from Stable;

--Short-term foreign currency and local currency IDRs affirmed at 'F2';

--National long-term Rating affirmed at 'AAA(bra)', Outlook Stable;

--National Short-term Rating affirmed at 'F1+(bra)';

--Support Rating affirmed at '2';

--Support Rating Floor affirmed at 'BBB';

--Senior unsecured notes due 2018 and 2019 ratings affirmed at 'BBB';

--Viability Rating unaffected at 'bb+'.

BV:

--Long-term foreign currency and local currency IDRs affirmed at 'BBB-', Outlook revised to Negative from Stable;

--Short-term foreign currency and local currency IDRs affirmed at 'F3';

--National long-term Rating affirmed at 'AA+(bra)', Outlook Stable;

--National Short-term Rating affirmed at 'F1+(bra)';

--Support Rating affirmed at '2';

--Viability Rating unaffected at 'bb-';

--Senior unsecured notes due May 2016, rating affirmed at 'BBB-'.

BV Leasing:

--1st and 2nd debentures issuances ratings affirmed at 'AA(bra)'.

BNB:

--Long-term foreign currency and local currency IDRs affirmed at 'BBB', Outlook revised to Negative from Stable;

--Short-term foreign currency and local currency IDRs affirmed at 'F2';

--National long-term Rating affirmed at 'AAA(bra)', Outlook Stable;

--National Short-term Rating affirmed at 'F1+(bra)';

--Support Rating affirmed at '2';

--Support Rating Floor affirmed at 'BBB'.

BNDES:

--Long-term foreign currency and local currency IDRs affirmed at 'BBB', Outlook revised to Negative from Stable;

--Short-term foreign currency and local currency IDRs affirmed at 'F2';

--National long-term Rating affirmed at 'AAA(bra)', Outlook Stable;

--National Short-term Rating affirmed at 'F1+(bra)';

--Support Rating affirmed at '2';

--Support Rating Floor affirmed at 'BBB';

--Senior unsecured notes due 2016, 2019 and 2023 affirmed at 'BBB'.

Caixa:

--Long-term foreign currency and local currency IDRs affirmed at 'BBB', Outlook revised to Negative from Stable;

--Short-term foreign currency and local currency IDRs affirmed at 'F2';

--National long-term Rating affirmed at 'AAA(bra)', Outlook Stable;

--National Short-term Rating affirmed at 'F1+(bra)';

--Support Rating affirmed at '2';

--Support Rating Floor affirmed at 'BBB';

--Senior unsecured notes due 2017, 2018, 2019 and 2022 affirmed at 'BBB';

--Subordinated notes due 2024 affirmed at 'BB+'.

Safra:

--Long-term foreign currency and local currency IDRs affirmed at 'BBB', Outlook revised to Negative from Stable;

--Short-term foreign currency and local currency IDRs affirmed at 'F2';

--National long-term Rating affirmed at 'AAA(bra)', Outlook Stable;

--National Short-term Rating affirmed at 'F1+(bra)';

--Support Rating affirmed at '4';

--Support Rating Floor affirmed at 'B+';

--Market linked securities due 2016 and 2017, affirmed at 'BBBemr';

--Senior unsecured notes due 2017 and 2019, affirmed at 'BBB';

--Viability Rating affirmed at 'bbb'.

Safra Leasing:

--National long-term Rating affirmed at 'AAA(bra)', Outlook Stable;

--National Short-term Rating affirmed at 'F1+(bra)';

--Subordinated unsecured notes due 2017, 2035, 2036 and 2037 affirmed at 'AA+(bra)'.

Bradesco:

--Long-term foreign currency IDR affirmed at 'BBB+, Outlook revised to Negative from Stable;

--Long-term local currency IDR downgraded to 'BBB+' from 'A-', Outlook revised to Negative from Stable;

--Short-term local currency IDR downgraded to 'F2' from 'F1';

--Short-term foreign currency IDR affirmed at 'F2';

--National long-term Rating affirmed at 'AAA(bra)', Outlook Stable;

--National Short-term Rating affirmed at 'F1+(bra)';

--Support Rating affirmed at '2';

--Support Rating Floor affirmed at 'BBB-';

--Subordinated Notes due 2019, 2021 and 2022 downgraded to 'BBB-' from 'BBB';

--Viability Rating downgraded to 'bbb+' from 'a-'.

Bradesco Seguros:

--International IFS downgraded to 'BBB+' from 'A-'; Outlook revised to Negative from Stable;

--National IFS affirmed at 'AAA(bra)'; Outlook Stable.

IUH/Itau Unibanco/IBBA:

--Long-term foreign currency IDRs affirmed at 'BBB+, Outlook revised to Negative from Stable;

--Long-term local currency IDRs downgraded to 'BBB+' from 'A-', Outlook revised to Negative from Stable;

--Short-term local currency IDRs downgraded to 'F2' from 'F1';

--Short-term foreign currency IDRs affirmed at 'F2';

--National long-term Rating affirmed at 'AAA(bra)', Outlook Stable;

--National Short-term Rating affirmed at 'F1+(bra)';

--Support Rating affirmed at '2';

--Support Rating Floor affirmed at 'BBB-';

--IUH's market linked notes due 2015 affirmed at 'BBB+emr;

--IUH's Subordinated notes due 2020, 2021, 2022 and 2023 downgraded to 'BBB-' from 'BBB';

--Viability Rating downgraded to 'bbb+' from 'a-'.

Santander Brasil:

--Long-term foreign currency IDR affirmed at 'BBB+', Outlook revised to Negative from Stable;

--Long-term local currency IDR affirmed at 'BBB+', Outlook Stable;

--Short-term foreign currency and local currency IDRs affirmed at 'F2';

--National long-term Rating affirmed at 'AAA(bra)', Outlook Stable;

--National Short-term Rating affirmed at 'F1+(bra)';

--Support Rating affirmed at '2';

--Senior Unsecured Notes due 2015, 2016 and 2017 affirmed at 'BBB+';

--Viability Rating unaffected at 'bbb'.

Santander Leasing:

--National long-term Rating affirmed at 'AAA(bra)', Outlook Stable;

--National Short-term Rating affirmed at 'F1+(bra)';

--Subordinated Debentures due 2015, 2016 and 2017 affirmed at 'AA+(bra).

Banrisul:

--Long-term foreign currency and Long-term local currency IDRs affirmed at 'BB+, Outlook revised to Stable from Positive;

--Short-term foreign currency and local currency IDRs affirmed at 'B';

--National long-term rating affirmed at 'AA-(bra)', Outlook revised to Stable from Positive;

--National Short-term Rating affirmed at 'F1+(bra)';

--Support Rating affirmed at '4';

--Support Rating Floor affirmed at 'B';

--Viability Rating affirmed at 'bb+';

--First Issuance of Senior Unsecured Letras Financeiras affirmed at 'AA-(bra)';

--Tier II Subordinated notes due Feb 2022 affirmed at 'BB-'.

BSGBr:

--Long-term foreign currency IDR affirmed at 'BBB+', Outlook revised to Negative from Stable;

--Long-term local currency IDR affirmed at 'A-', Outlook Negative;

--Short-term foreign currency IDR affirmed at 'F2';

--Short-term local currency Short-term IDR affirmed at 'F1';

--Support Rating affirmed at '2';

--National long-term Rating affirmed at 'AAA(bra)', Outlook Stable;

--National Short-term Rating affirmed at 'F1+(bra)'.

Cacique:

--Long-term foreign currency IDR affirmed at 'BBB+', Outlook revised to Negative from Stable;

--Long-term local currency IDR affirmed at 'A-', Outlook Negative;

--Short-term foreign currency IDR affirmed at 'F2';

--Short-term local currency IDR affirmed at 'F1';

--Support Rating affirmed at '2';

--National long-term Rating affirmed at 'AAA(bra)', Outlook Stable;

--National Short-term Rating affirmed at 'F1+(bra)'.

Pecunia:

--Long-term foreign currency IDR affirmed at 'BBB+', Outlook revised to Negative from Stable;

--Long-term local currency IDR affirmed at 'A-', Outlook Negative;

--Short-term foreign currency IDR affirmed at 'F2';

--Short-term local currency IDR affirmed at 'F1';

--Support Rating affirmed at '2';

--National long-term Rating affirmed at 'AAA(bra)', Outlook Stable;

--National Short-term Rating affirmed at 'F1+(bra)'.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Bank Rating Criteria' (March 20, 2015);

--'National Ratings Criteria' (Oct. 30, 2013).

Applicable Criteria and Related Research:

Global Bank Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863501

National Scale Ratings Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=720082

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=982858

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Claudio Gallina (Primary: BdA, BNB / Secondary: BdB, Banrisul)
Senior Director
+55 11 4504-2216
Fitch Rating Brasil Ltda.
Alameda Santos 700
Sao Paulo, Brazil
or
Eduardo Ribas (Primary: Bradesco / Secondary: Caixa, IUH, Itau Unibanco, IBBA, Safra, Safra Leasing, Santander, Santander Leasing)
Director
+55 11 4504-2213
or
Esin Celasun (Primary: BdB, BNDES, Bradesco Seguros, Cacique, Caixa, Pecunia, BSGBr / Secondary: BV, BV Leasing)
Director
+55 21 4503-2626
Fitch Ratings Brasil Ltda.
Praca XV de Novembro, 20 - 401 B,
Rio de Janeiro, RJ, Brasil
or
Paulo Fugulin (Primary: Banrisul, BV, BV Leasing / Secondary: BdA, BNB)
Director
+55 11 4504-2206
or
Robert Stoll (Primary: IUH, Itau Unibanco, IBBA, Safra, Safra Leasing, Santander Brasil, Santander Leasing / Secondary: Bradesco, Cacique, Pecunia, BSGBr)
Director
+1 212-908-9155
Fitch Ratings, Inc.
33 Whitehall St. Nova York, NY 10004
or
Jean Lopes (Secondary: BNDES)
Director
+55 21 4503-2617
or
Rodrigo Salas (Secondary: Bradesco Seguros)
Senior Director
+56-2-2499-3309
or
Committee Chairperson
Franklin Santarelli
Managing Director
+1 212-908-0739
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings
Claudio Gallina (Primary: BdA, BNB / Secondary: BdB, Banrisul)
Senior Director
+55 11 4504-2216
Fitch Rating Brasil Ltda.
Alameda Santos 700
Sao Paulo, Brazil
or
Eduardo Ribas (Primary: Bradesco / Secondary: Caixa, IUH, Itau Unibanco, IBBA, Safra, Safra Leasing, Santander, Santander Leasing)
Director
+55 11 4504-2213
or
Esin Celasun (Primary: BdB, BNDES, Bradesco Seguros, Cacique, Caixa, Pecunia, BSGBr / Secondary: BV, BV Leasing)
Director
+55 21 4503-2626
Fitch Ratings Brasil Ltda.
Praca XV de Novembro, 20 - 401 B,
Rio de Janeiro, RJ, Brasil
or
Paulo Fugulin (Primary: Banrisul, BV, BV Leasing / Secondary: BdA, BNB)
Director
+55 11 4504-2206
or
Robert Stoll (Primary: IUH, Itau Unibanco, IBBA, Safra, Safra Leasing, Santander Brasil, Santander Leasing / Secondary: Bradesco, Cacique, Pecunia, BSGBr)
Director
+1 212-908-9155
Fitch Ratings, Inc.
33 Whitehall St. Nova York, NY 10004
or
Jean Lopes (Secondary: BNDES)
Director
+55 21 4503-2617
or
Rodrigo Salas (Secondary: Bradesco Seguros)
Senior Director
+56-2-2499-3309
or
Committee Chairperson
Franklin Santarelli
Managing Director
+1 212-908-0739
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com