Fitch rates subordinated notes from Itau Unibanco parent

Monday, January 24, 2011

Ratings agency Fitch has assigned its BBB- rating to the reopening of Brazilian bank Itau Unibanco's (NYSE: ITUB) 2021 subordinated notes to be issued by the controlling group Itau Unibanco Holding from its Grand Cayman branch, for a yet-to-be-determined amount.

The notes are part of a global medium-term note program, will mature in 2021 and have a semi-annual interest payment, Fitch said in a press release.

The assigned rating is two notches below the bank's long-term currency issuer default rating (IDR) of BBB+, reflecting the subordinated status of the issuance. The assigned IDR rating is based on the bank's broad and diversified franchise, strong management team, solid performance and good asset pricing. It also considers Itau Unibanco's ample liquidity and greater diversification that that of its local peers, Fitch said.

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To read the full press release in English, go to this link

To read the full press release in Portuguese, go to this link