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BES Investimento do Brasil's $500 Million In Senior Unsecured Notes Rated Foreign Currency 'BBB-' Mar 10
Standard & Poors, March 2010
Abstract
SAO PAULO (Standard & Poor's) March 18, 2010--Standard & Poor's Ratings Services said today that it assigned its 'BBB-' foreign currency rating to $500 million in five-year, medium-term senior unsecured notes proposed by BES Investimento do Brasil (BESI Brasil; BBB-/Stable/A-3). The notes will be direct, unsecured, and unsubordinated obligations of BESI Brasil and will rank pari passu in priority of payment with all other present and future unsecured and unsubordinated external debt of the issuer. The ratings on BESI Brasil reflect its status as a strategically important subsidiary of Portugal-based Banco Esp-rito Santo de Investimento S.A. (BESI; A/Negative/A-1). 'This strong ownership supports the bank's better-than-peers financial flexibility and allows it to take advantage of both its relationship with global customers...
Companies mentioned in this report are: BES Investimento do Brasil,Banco Bradesco S.A.,Banco Espirito Santo de Investimento, S.A.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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