Fitch Affirms Ratings of the 3 Largest Brazilian Private Banks

NEW YORK & SAO PAULO--()--Fitch Ratings has affirmed the ratings of the three largest private sector Brazilian banks:

--Itau Unibanco Holding S.A. (Itau Unibanco Holding) and subsidiary Itau Unibanco S.A. (Itau Unibanco)

--Banco Bradesco S.A. (Bradesco)

--Banco Santander Brasil S.A. (Santander Brasil) and subsidiary Santander Leasing S.A. Arrendamento Mercantil (Santander Leasing)

A full list of the rating actions is provided below:

For further details on these entities, as well as for regulatory information, please see the individual press releases for each bank published today and available on Fitch's website at 'www.fitchratings.com' and 'www.fitchratings.com.br'.

Fitch has affirmed the following ratings:

Itau Unibanco Holding:

Long-Term Foreign- and Local-Currency IDRs at 'BB+'; Outlook Negative;

Short-Term Foreign- and Local-Currency IDRs at 'B';

Viability Rating at 'bb+';

National Long-Term Rating at 'AAA(bra)'; Outlook Stable;

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

Support Rating at '3';

Support Rating Floor at 'BB-';

Senior USD notes due May 2018, Long-Term Foreign Currency Rating at 'BB+';

Subordinated USD notes due April 2020, January and December 2021, March and August 2022 and May 2023 Long-Term Foreign Currency Rating at 'BB-'.

Itau Unibanco:

Long-Term Foreign- and Local-Currency IDRs at 'BB+'; Outlook Negative;

Short-Term Foreign- and Local-Currency IDRs at 'B';

Viability Rating at 'bb+';

National Long-Term Rating at 'AAA(bra)'; Outlook Stable;

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

Support Rating at '3';

Support Rating Floor at 'BB-'.

Bradesco:

Long-Term Foreign and Local-Currency IDR at 'BB+'; Outlook Negative;

Short-Term Foreign and Local-Currency IDR at 'B';

Viability Rating at 'bb+';

Support Rating at '3';

Support Rating Floor at 'BB-';

National Long-Term Rating at 'AAA(bra)'; Outlook Stable;

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

Subordinated Notes due September 2019, January 2021 and March 2022

Long-Term Foreign-Currency rating at 'BB-'.

Santander Brasil

Long-Term Foreign Currency IDR at 'BB+', Outlook Negative;

Long-Term Local Currency IDR at 'BBB-'; Outlook Negative;

Short-Term Foreign Currency IDR at 'B';

Short-Term Local Currency IDR at 'F3';

Viability Rating at 'bb';

Support Rating at '3';

National Long-Term Rating at 'AAA(bra)'; Outlook Stable;

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

Santander Brasil Senior notes due 2017:

Long-Term Foreign Currency rating at 'BB+'.

Santander Leasing

National Long-Term Rating at 'AAA(bra)'; Outlook Stable;

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

Santander Leasing 4th and 5th Subordinated Debentures due 2017:

National Long-Term rating at 'AA+(bra) .

Additional information is available at www.fitchratings.com

Applicable Criteria and Related Research:

'Global Bank Rating Criteria' Jul.15, 2016);

'National Scale Rating Criteria' (Oct. 30, 2013).

Applicable Criteria

Global Bank Rating Criteria (pub. 15 Jul 2016)

https://www.fitchratings.com/site/re/884135

National Scale Ratings Criteria (pub. 30 Oct 2013)

https://www.fitchratings.com/site/re/720082

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Contacts

Fitch Ratings
Robert Stoll (Primary Analyst: Itau Unibanco Holding & Itau Unibanco / Secondary Analyst: Bradesco)
Director
+1-212-908-9155
Fitch Ratings Inc.
33 Whitehall St.
New York, NY 10004
or
Pedro Gomes (Primary Analyst: Bradesco)
Director
+11 55 11 4504 2604
or
Eduardo Ribas (Primary Analyst: Santander Brasil & Santander Leasing / Secondary Analyst: Itau Unibanco Holding & Itau Unibanco)
Director
+11 55 11 4504 2213
or
Raphael Nascimento (Secondary Analyst: Santander Brasil & Santander Leasing)
Associate Director
+11 55 11 3957 3664
or
Committee Chairperson
Alejandro Garcia
Managing Director
+1-212-908-9137
or
Media Relations
Alyssa Castelli, New York, +1-212-908-0540
alyssa.castelli@fitchratings.com

Contacts

Fitch Ratings
Robert Stoll (Primary Analyst: Itau Unibanco Holding & Itau Unibanco / Secondary Analyst: Bradesco)
Director
+1-212-908-9155
Fitch Ratings Inc.
33 Whitehall St.
New York, NY 10004
or
Pedro Gomes (Primary Analyst: Bradesco)
Director
+11 55 11 4504 2604
or
Eduardo Ribas (Primary Analyst: Santander Brasil & Santander Leasing / Secondary Analyst: Itau Unibanco Holding & Itau Unibanco)
Director
+11 55 11 4504 2213
or
Raphael Nascimento (Secondary Analyst: Santander Brasil & Santander Leasing)
Associate Director
+11 55 11 3957 3664
or
Committee Chairperson
Alejandro Garcia
Managing Director
+1-212-908-9137
or
Media Relations
Alyssa Castelli, New York, +1-212-908-0540
alyssa.castelli@fitchratings.com