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Article: Fitch: No Immediate Rating Impact on Santander Subsidiaries in Brazil from Stocks Issuance.
- Article from:
- Business Wire
- Article date:
- October 15, 2009
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NEW YORK & SAO PAULO -- Banco Santander (Brasil) S.A.'s (BSB) issuance of stocks does not have an immediate rating impact, according to Fitch Ratings. The Issuer Default Ratings (IDRs) are driven by the support Fitch expects BSB would receive from its parent, Spain's Banco Santander (SAN; Long-term IDR 'AA' with a Stable Outlook by Fitch), should it be required; SAN will hold 82.7% of BSB's total capital after the issuance of stocks, and the Brazilian operation remains a strategically important subsidiary within SAN's global operations.
The issuance, launched on Oct. 7, 2009, raised BRL14.1 billion of new equity, strengthening BSB's total equity to nearly BRL61.6 ...