Corresponding author: Steve Anderson, University of Missouri, 302 ABNR
Bldg, Columbia, MO 65211, Phone: 573-882-6303, Fax: 573-884-5070, Email: AndersonS@missouri.
The Individual Rating reflects the group's growing local franchise, SAN's proven oversight in risk management, and an operating platform with solid prospects for growing operational returns as the benefits of the ABNR
acquisition begin to flow through to results.
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.
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.