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Rating Action:

Moody's affirms all ratings for Banco Santander (Brasil) following capital restructuring announcement

04 Oct 2013

Sao Paulo, October 04, 2013 -- Moody's Investors Service has today affirmed all ratings for Banco Santander (Brasil) S.A., including the standalone bank financial strength rating (BFSR) of C-, which maps to a baseline credit assessment (BCA) of baa2. Moody's is also affirming the global local-currency deposit ratings of Baa2 and Prime-2, long- and short-term, respectively; the global foreign-currency deposit ratings of Baa2 and Prime-2, long- and short-term, respectively; the long-term foreign-currency senior unsecured debt rating of Baa2; and the long- and short-term Brazilian national scale deposit ratings of Aaa.br and BR-1, respectively. The outlook on all of Santander Brasil's deposit and debt ratings remain stable.

All ratings for Banco Santander (Brasil) S.A. Cayman Branch were also affirmed, with stable outlooks.

The rating actions follow Banco Santander (Brasil)'s press release of September 26, 2013 advising the material fact of its regulatory capital restructuring plan. The plan is subject to both regulatory and shareholder approvals.

The following ratings for Banco Santander (Brasil) S.A. were affirmed:

Bank financial strength rating of C-

Long- and short-term global local-currency deposit ratings of Baa2 and Prime-2

Long- and short-term foreign-currency deposit rating of Baa2 and Prime-2

Senior unsecured foreign currency rating of Baa2

Senior unsecured foreign currency MTN rating of (P)Baa2

Long- and short-term national scale deposit rating of Aaa.br and BR-1

Other short term foreign currency rating of (P)P-2

The following ratings for Banco Santander (Brasil) S.A. Cayman Branch were affirmed:

Senior unsecured foreign currency rating of Baa2

Senior unsecured foreign currency MTN rating of (P)Baa2

Other short term foreign currency rating of (P)P-2

RATINGS RATIONALE

In affirming Santander (Brasil)'s ratings and stable outlooks, Moody's noted that following completion of the regulatory capital restructuring plan, around 10% of the bank's higher quality capital will be replaced by Tier 1 and Tier 2 hybrid debt instruments. As a result, the bank's tangible common equity ratio will be reduced by 190 basis points, to around 16% excluding goodwill, according to Moody's estimates, remaining adequate to absorb potentially higher losses under an adverse stress scenario. The structure of the new tier 1-eligible debt is expected to be Basel III compliant and thus have the attendant loss absorption features. Moody's also said that at this level, Santander (Brasil)'s tangible common equity ratio will be at a level higher than those of similarly rated key local peers as of June 2013. The total BIS capitalization ratio will also remain at a level comfortably above minimum regulatory requirements.

The plan to partially restructure Santander (Brasil)'s capitalization entails a BRL 6 billion equity distribution to shareholders. At the same time, the bank will issue Tier 1 and 2-eligible notes in the same aggregate amount that will be offered to shareholders. The bank's principal shareholder, Santander Spain, with a 75% stake, has committed to fully subscribe its proportional share of the notes to be issued as well as the portion that is not ultimately exercised by minority shareholders, a firm commitment that partly offsets the reduction in tangible common equity, according to Moody's.

Banco Santander (Brasil)'s baa2 standalone BCA incorporates the bank's good capitalization and performance as well as its competitive position in key retail banking products such as mortgages and credit cards, a strategy aligned to the Santander group's operations in other Latin American countries. The assessment also takes into account recent improvements in the bank's asset quality ratios, which should eventually alleviate pressure on profitability caused in recent quarters by a relatively high level of loan loss provisions.

The last rating action on Banco Santander (Brasil) occurred on October 03, 2013, when Moody's changed the outlook on Santander Brasil's ratings to stable from positive following the change in outlook on Brazil's Baa2 sovereign rating. In a related action, Moody's also downgraded Santander Brasil's long-term local currency deposit rating to Baa2, from Baa1, and all foreign currency debt ratings by one notch as a result of the reassessment of the level of capacity of the Brazilian government to provide systemic support in case of need.

The principal methodology used in this rating was Global Banks published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Alcir Freitas
Vice President - Senior Analyst
Financial Institutions Group
Moody's America Latina Ltda.
Avenida Nacoes Unidas, 12.551
16th Floor, Room 1601
Sao Paulo, SP 04578-903
Brazil
JOURNALISTS: 800-891-2518
SUBSCRIBERS: 55-11-3043-7300

Maria Celina Vansetti-Hutchins
MD - Banking
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's America Latina Ltda.
Avenida Nacoes Unidas, 12.551
16th Floor, Room 1601
Sao Paulo, SP 04578-903
Brazil
JOURNALISTS: 800-891-2518
SUBSCRIBERS: 55-11-3043-7300

Moody's affirms all ratings for Banco Santander (Brasil) following capital restructuring announcement
No Related Data.
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