ITAÚ UNIBANCO HOLDING S.A.
Fitch Ratings has published the 'BB' long-term rating for
The notes were distributed privately (private placement) in
Key Rating Drivers
The notes were rated at the same level as IUH's 'BB' Issuer Default Rating (IDR), as these senior notes will rank equally in the right of payment with its other present and future unsecured and unsubordinated indebtedness.
Rating Sensitivities
Factors that could, individually or collectively, lead to negative rating action/downgrade:
As the notes are rated at the same level as the IDR, their rating is primarily sensitive to any change in the bank's IDR.
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Factors that could, individually or collectively, lead to positive rating action/upgrade:
As the notes are rated at the same level as the IDR, their rating is primarily sensitive to any change in the bank's IDR.
For further information about the drivers and rating sensitivities for IUH's IDR and other issuer ratings, please see the bank's latest press release 'Fitch Affirms Itau Unibanco Holding S.A.'s IDRs at 'BB'; Outlook Stable' published on
Best/Worst Case Rating Scenario
International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from '
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