Department of Agriculture Forest Service, Northern Research Station, 202 ABNR
Building, University of Missouri, Columbia, MO 65211, USA.
The withdrawal is due to the incorporation of ABNR
by Banco Santander Brasil S.
On the other hand, the rating also considers the significant impairment of BS's capital by the goodwill generated in the ABNR acquisition.
The transaction substantially increased BS's loan operations, especially in retail, where ABNR had a solid base.
Both BS and ABNR had built significant liquidity positions at the time of the financial global crisis as a result of the acquisition process and experienced no adverse impact in liquidity at fourth quarter 2008 (4Q'08).
The IDR's (above the sovereign rating) and the National Ratings of ABNR are based on the potential support of the shareholder, ABN AMRO Bank NV (ABN NV, rated 'AA-/F1+'), given its strategic importance to its parent.
Should the negotiations result in a different outcome, Fitch would evaluate any potential effects on ABNR's ratings at that time; any potential downward pressure on ABNRs IDRs would be limited by the bank's relatively strong individual rating.