...Ratings Driven by Support: Desenvolve SP - Agencia de Fomento do Estado de Sao Paulo S.A.'s (Desenvolve) Issuer Default Ratings (IDRs) and National Ratings are driven by the Shareholder Support Rating (SSR), which is based on Fitch's view of expected support from its parent, the State of Sao Paulo (Sao Paulo, BB¡/Stable), and are equalized to the parent's ratings. Fitch considers Desenvolve as a core subsidiary in terms of financial services to the state, where Desenvolve focuses its operations. Fitch does not assign a Viability Rating (VR) to the institution, because according to Fitch's methodology, VRs are not usually assigned to development banks or to other financial institutions whose operations are largely determined by their policy roles. Highly Integrated with the State: Desenvolve's SSR is highly influenced by its role with the subnational. The institution is a development arm of the state's government. It is an important entity in boosting the state's economic growth through...
