Moody's rates Santander (Brasil) notes Baa2

Moody's Investors Service said it assigned a Baa2 long-term foreign-currency debt rating to the proposed issuance of senior unsecured notes due 2015 by Banco Santander (Brasil) SA, Cayman Branch (Santander Brasil GC).

The issuance is an upsizing of the $500 million of 4½% senior notes issued in April 2010, which are being issued under the bank's existing $3.5 billion global medium-term note program.

The outlook is positive.

The agency noted that the subordination of the notes was taken into consideration by applying a one-notch differential off Banco Santander (Brasil)'s A2 global local-currency deposit rating.

At this rating level, Banco Santander (Brasil)'s foreign-currency bond rating is constrained by Brazil's Baa2 country ceiling, which has a positive outlook, Moody's said.

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