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Fitch assigns BB-/B currency ratings to Brazil's Badesc

Fitch Ratings on Oct. 2 assigned Brazil's Agência de Fomento do Estado de Santa Catarina S.A. - BADESC first-time long-term local and foreign currency issuer default ratings of BB-, with a stable outlook.

Fitch also assigned short-term foreign and local currency issuer default ratings of B. It also assigned long- and short-term national ratings of AA(bra) and F1+(bra), respectively.

The ratings on the company are based and reflect the support from its parent, the State of Santa Catarina, and the company's strategic importance to the state.

Fitch added that BADESC has an important role in boosting economic growth in the state, by lending to micro and small enterprises and providing resources to state municipalities.