(The following statement was released by the rating agency)
Oct 3 - Fitch Ratings expects to assign Banco Pine S.A.'s (Pine)
upcoming issue of Brazilian Real denominated (BRL) Letras Financeiras a National
Long Term rating of 'A+(bra)'.
The amount of the second issuance will be up to BRL300 million. They will be
sold in up to three series with tenors scheduled in a range from 2, 3, and 5
years. The first and second series interest payments will be made semi-annually
and its principal will be paid at maturity. The interest rate will be defined by
the bookbuilding and indexed to the variation of DI (Depositos Interfinanceiros)
rate. The third series interest rate will also be defined in the bookbuilding
and has annual interest payment with principal being paid at maturity, and its
remuneration is indexed to inflation index of IPCA (Indice Nacional de Precos ao
Consumidor Amplo). The net proceeds will be used by Pine for general banking
purposes. The final rating is contingent upon the receipt of final documents
conforming to information already received.
The expected rating assigned to Banco Pine's new Letras Financeiras corresponds
to Fitch's Long Term National Rating of 'A+', Stable Outlook for the bank and
ranks equal with other senior unsecured debt.
Pine's National Long-Term rating is driven by the bank's strengths, which
include continued diversification of its funding profile, its good asset and
liability management allied with a good liquidity position which supports its
consistent profitability, and strong capitalization ratios.
Founded in 1997, Banco Pine is a midsized bank which focuses on the upper-middle
and lower corporate segments. The bank is controlled by Noberto Pinheiro, and
has been listed on the Sao Paulo Stock Exchange since 2007.
(Caryn Trokie, New York Ratings Unit)