Reuters logo
Fitch Affirms Brazilian Subsidiaries of Foreign Banks
February 12, 2015 / 8:33 PM / 3 years ago

Fitch Affirms Brazilian Subsidiaries of Foreign Banks

(The following statement was released by the rating agency) SAO PAULO/RIO DE JANEIRO/NY, February 12 (Fitch) Fitch Ratings has affirmed the ratings on the following Brazilian subsidiaries of foreign banks: --Banco Societe Generale Brasil S.A. (SGBr) --Banco Cacique S.A. (Cacique) --Banco Pecunia S.A. (Pecunia) --Banco Caixa Geral Brasil S.A. (BCG-Brasil) --Banco Credit Agricole Brasil S.A. (BCAB) --Banco de Investimento Credit Suisse (Brasil) S.A. (Bics) ---Banco Industrial e Comercial S.A. (Bicbanco) --Banco Rabobank International Brasil S.A. (Rabobank) --Bank of America Merrill Lynch - Banco Multiplo S.A. (BRBofAML) --Deutsche Bank S.A. - Banco Alemao (DBSA) A full list of rating actions is provided at the end of this release. The ratings of all 10 banks are based on support from their respective parent entities. Of the 10 banks, Fitch considers Cacique and Pecunia as subsidiaries of limited importance to their parent, while all the remaining eight banks are classified as strategically important subsidiaries. None of the banks have Viability Ratings. For further details of 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: SGBr: --Foreign Currency Long-term IDR at 'BBB+', Outlook Stable; --Local Currency Long-term IDR at 'A-', Outlook Negative; --Foreign Currency Short-term IDR at 'F2'; --Local Currency Short-term IDR at 'F1'; --Support Rating at '2'; --National Long-term rating at 'AAA(bra)', Outlook Stable; --National Short-term rating at 'F1+(bra)'. Cacique: --Foreign Currency Long-term IDR at 'BBB+', Outlook Stable; --Local Currency Long-term IDR at 'A-', Outlook Negative; --Foreign Currency Short-term IDR at 'F2'; --Local Currency Short-term IDR at 'F1'; --Support Rating at '2'; --National Long-term rating at 'AAA(bra)', Outlook Stable; --National Short-term rating at 'F1+(bra)'. Pecunia: --Foreign Currency Long-term IDR at 'BBB+', Outlook Stable; --Local Currency Long-term IDR at 'A-', Outlook Negative; --Foreign Currency Short-term IDR at 'F2'; --Local Currency Short-term IDR at 'F1'; --Support Rating at '2'; --National Long-term rating at 'AAA(bra)', Outlook Stable; --National Short-term rating at 'F1+(bra)'. BCG-Brasil: --National Long-term rating at 'A+(bra)', Outlook Negative; --National Short-term rating at 'F1(bra)'. BCAB: --National Long-term rating at 'AAA(bra)', Outlook Stable; --National Short-term rating at 'F1+(bra)'. Bics: --National Long-term rating at 'AAA(bra)', Outlook Stable; --National Short-term rating at 'F1+(bra)'. Bicbanco: --National Long-term rating at 'AAA(bra)', Outlook Stable; --National Short-term rating at 'F1+(bra)'. Rabobank: --National Long-term rating at 'AAA(bra)', Outlook Stable; --National Short-term rating at 'F1+(bra)'. BRBofAML: --National Long-term rating at 'AAA(bra)', Outlook Stable; --National Short-term rating at 'F1+(bra)'. DBSA: --National Long-term rating at 'AAA(bra)', Outlook Stable; --National Short-term rating at 'F1+(bra)'. Contact: Claudio Gallina (Primary: BCAB, BCG-Brasil, Rabobank / Secondary: Bics) Director +55 11 4504-2216 Fitch Rating Brasil Ltda. Alameda Santos 700 Sao Paulo, Brazil Eduardo Ribas (Primary: Bicbanco, Bics, BRBofAML, DBSA) Director +55 11 4504-2213 Fitch Rating Brasil Ltda. Alameda Santos 700 Sao Paulo, Brazil Esin Celasun (Primary: Cacique, Pecunia, SGBr / Secondary: BCAB, BCG-Brasil, DBSA, BRBofAML) Director +55 21 4503-2626 Fitch Ratings Brasil Ltda. Praca XV de Novembro, 20 - 401 B, Rio de Janeiro, RJ, Brasil Robert Stoll (Secondary: Cacique, Pecunia, SGBr) Director +1 212 908 9155 Pedro Gomes (Secondary: Bicbanco, Rabobank) Director +55 11 4504-2604 Committee Chairperson Franklin Santarelli Managing Director +1-212-908-0739 Media Relations: Elizabeth Fogerty, New York, Tel: +1 (212) 908 0526, Email: elizabeth.fogerty@fitchratings.com. Additional information is available at 'www.fitchratings.com'. Applicable Criteria and Related Research: --'Global Financial Institutions Rating Criteria' (Jan. 31, 2014); --'National Ratings Criteria' (Oct. 30, 2013); --'Rating FI Subsidiaries and Holding Companies' (Aug. 10, 2012). Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here National Scale Ratings Criteria here Rating FI Subsidiaries and Holding Companies here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. 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.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below