TEXT-Fitch cuts Brazil Foreign Diversified Payment Rights Finance Co notes

June 14 () - Fitch Ratings has downgraded the ratings on the notes issued by
Brazil Foreign Diversified Payment Rights Finance Co. as follows:

--$190 million series 2008-1 to 'A' from 'A+';

--$400 million series 2008-2 to 'A' from 'A+';

--$50 million series 2009-1 to 'A' from 'A+';

--$50 million series 2009-2 to 'A' from 'A+';

--$250 million series 2010-1 to 'A' from 'A+';

--$100 million series 2011-1 to 'A' from 'A+';

--$150 million series 2011-2 to 'A' from 'A+'.

The Outlook on the notes remains Negative.

The rating action on the notes follows Fitch's recent downgrade of Banco
Santander (Brasil) S.A.'s (Santander Brasil) local currency (LC) Issuer Default
Rating (IDR) to 'BBB' from 'A-', Outlook Negative. The action is a result of the
downgrade of its ultimate parent Banco Santander (Spain) to 'BBB+' from 'A',
Outlook Negative (see the press release 'Fitch Takes Actions on Banco
Santander's Latin American Subsidiaries' dated June 13, 2012, available at
'www.fitchratings.com').

The downgrade of Santander's DPR program reflects the downgrade of Santander
Brasil. The rating action also takes into consideration the program's
performance, strength of the diversified payment rights (DPR) business line, and
stable sovereign environment, which limits the downgrade to one notch.

The rating of the program remains sensitive to further downgrades of the Spanish
parent and Santander Brasil. However, the downgrade potential of Santander
Brasil, and therefore the program, is limited given the support rating floor
(SRF) of 'BBB-' assigned to the bank by Fitch. Nevertheless, the impact of
further changes to Santander Brasil's ratings on the DPR program will continue
to be assessed by Fitch.

The Negative Outlook on the notes reflects the Outlook assigned to the LC IDR of
Santander Brasil.

The underlying issuance is a securitization of existing and future U.S.-dollar
and Euro-denominated DPRs originated by Santander Brasil. Remittances arise from
a variety of sources, including payment on export goods and services, family
remittances, and capital flows. The structure adequately mitigates certain
sovereign-related risks, and therefore has been rated above the country ceiling
of 'BBB+'.

As of May 2012, the total outstanding debt under Santander's DPR program is
approximately $1.1 billion, less than 1% of the bank's total liabilities.
Quarterly debt service coverage ratios (DSCRs) for 2011 averaged 84.4x, with a
low of 62.7x.

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings

Applicable Criteria and(New York Ratings Team)