Ratings roundup: Santander Brasil notes, Banca Mifel, Corp Group Banking

S&P has assigned its BBB- senior unsecured debt rating to notes to be issued by Santander Brasil (NYSE: BSBR), acting through its Grand Cayman Islands branch. The notes, worth 150mn Swiss francs (US$180mn), will mature in December 2014. The notes' rating is the same as the long-term counterparty credit rating on Santander Brasil. S&P's ratings on Santander Brasil reflect its important position in Brazil's competitive banking industry, diversified business lines and strategic importance to its parent. Spain's Santander (NYSE: STD) owns 81.4% of Santander Brasil. To read the full report, go to this link *** Fitch has affirmed its issuer default rating (IDR) on Chile's fifth largest bank, CorpBanca (NYSE: BCA), at BBB, as well as the bank's foreign and local currency short-term IDR at F2. The ratings assigned to CorpBanca reflect its adequate financial performance through the cycle, the improvement seen in its profitability, its good asset quality and cost efficiency, and its adequate liquidity and capital base, Fitch said in a report. CorpBanca is 49.59% owned by Corp Group Banking, which is in turn controlled by a group of Chilean businessmen with the main individual shareholder being Álvaro Saieh. To read the full report, go to this link The agency also upgraded its rating on Corp Group Banking's bonds to A+ from A. To read the full report on this action, go to this link *** S&P affirmed its ratings on Mexico's Banca Mifel, including the bank's BB-/B counterparty credit rating and its BBB+/mxA-2 national scale counterparty credit rating. The outlook is stable. "The ratings reflect the bank's limited capitalization and pressured profitability resulting from its expansion plans. Its improvements in asset-quality indicators and its stable and loyal client base offset the negative factors," the agency said in a report. To read the full report, go to this link