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Rating Action:

Moody's upgrades FC ratings of some Brazilian banks

 The document has been translated in other languages

22 Sep 2009

New York, September 22, 2009 -- Moody's Investors Service upgraded the foreign currency deposit ratings and the foreign currency bond ratings of certain Brazilian banks. These rating actions followed Moody's conclusion of the review for possible upgrade of Brazil's country ceilings for foreign currency bonds and deposits that had been announced on July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2 from Baa3 and lifted the nation's foreign currency deposit ceiling to Baa3 from Ba2 -- each with a positive outlook. For further detail, please refer to Moody's press release "Moody's upgrades Brazil to Baa3 and assigns a positive outlook," dated September 22, 2009.

The agency noted that the actions on the deposit and bond ratings of the banks had no effect on their financial strength ratings (BFSR), or on their local-currency deposit ratings, or on their respective outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN, Banco Industrial e Comercial (BICBanco), Banco Sofisa, and Banco ABC Brasil are no longer constrained by the country ceiling for foreign currency deposit because they are at the same levels as the banks' respective local- currency deposit ratings. The outlook on each of those ratings is stable.

The specific ratings changes are as follows:

Banco BBM S.A.:

Long-term foreign-currency deposit rating: upgraded to Ba1 from Ba2, with stable outlook

Short-term foreign-currency deposit rating: remain unchanged at Not Prime

Banco BGN S.A.:

Long-term foreign-currency deposit rating: upgraded to Ba1 from Ba2, with stable outlook

Short-term foreign-currency deposit rating: remain unchanged at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

Long-term foreign currency deposit rating: upgraded to Ba1 from Ba2, with stable outlook

Short-term foreign-currency deposit rating: remain unchanged at Not Prime

Banco Sofisa S.A.:

Long-term foreign currency deposit rating: upgraded to Ba1 from Ba2, with stable outlook

Short-term foreign-currency deposit rating: remain unchanged at Not Prime

Banco ABC Brasil S.A.:

Long-term foreign currency deposit rating: upgraded to Baa3 from Ba2, with stable outlook

Short-term foreign currency deposit rating: upgraded to Prime-3 from Not Prime

Banco Bradesco S.A.:

Long-term foreign currency deposit rating: upgraded to Baa3 from Ba2, with positive outlook

Short-term foreign currency deposit rating: upgraded to Prime-3 from Not Prime

Long-term foreign currency senior unsecured bond rating: upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

Long-term foreign currency senior unsecured rating: upgraded to Baa2 from Baa3, with positive outlook

Long-term foreign currency junior subordinated rating: upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

Long-term foreign currency senior unsecured rating: upgraded to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

Long-term foreign currency deposit rating: upgraded to Baa3 from Ba2, with positive outlook

Short-term foreign currency deposit rating: upgraded to Prime-3 from Not Prime

Banco Citibank S.A.:

Long-term foreign currency deposit rating: upgraded to Baa3 from Ba2, with positive outlook

Short-term foreign currency deposit rating: upgraded to Prime-3 from Not Prime

Banco Safra S.A.:

Long-term foreign currency deposit rating: upgraded to Baa3 from Ba2, with positive outlook

Short-term foreign currency deposit rating: upgraded to Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

Long-term foreign currency deposit rating: upgraded to Baa3 from Ba2, with positive outlook

Short-term foreign currency deposit rating: upgraded to Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

Long-term foreign currency junior subordinated rating: upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

Long-term foreign currency deposit rating: upgraded to Baa3 from Ba2, with positive outlook

Short-term foreign currency deposit rating: upgraded to Prime-3 from Not Prime

Long-term foreign currency senior unsecured bond rating: upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

Long-term foreign currency senior unsecured bond rating: upgraded to Baa2 from Baa3, with positive outlook

Short-term foreign-currency bond rating: remain unchanged at Prime-3

Banco do Brasil S.A.:

Long-term foreign currency deposit rating: upgraded to Baa3 from Ba2, with positive outlook

Short-term foreign currency deposit rating: upgraded to Prime-3 from Not Prime

Long-term foreign currency senior unsecured bond rating: upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

Long-term foreign currency senior unsecured bond rating: upgraded to Baa2 from Baa3, with positive outlook

Short-term foreign-currency bond rating: remain unchanged at Prime-3

Long-term foreign currency junior subordinated rating: upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

Long-term foreign currency deposit rating: upgraded to Baa3 from Ba2, with positive outlook

Short-term foreign currency deposit rating: upgraded to Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Econômico e Social S.A. (BNDES):

Long-term foreign currency deposit rating: upgraded to Baa3 from Ba2, with positive outlook

Short-term foreign currency deposit rating: upgraded to Prime-3 from Not Prime

Long-term foreign currency senior unsecured bond rating: upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

Long-term foreign currency deposit rating: upgraded to Baa3 from Ba2, with positive outlook

Short-term foreign currency deposit rating: upgraded to Prime-3 from Not Prime

Long-term foreign currency senior unsecured bond rating: upgraded to Baa2 from Baa3, with stable outlook

Short-term foreign-currency bond rating: remain unchanged at Prime-3

Caixa Econômica Federal:

Long-term foreign currency deposit rating: upgraded to Baa3 from Ba2, with positive outlook

Short-term foreign currency deposit rating: upgraded to Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Múltiplo:

Long-term foreign currency deposit rating: upgraded to Baa3 from Ba2, with positive outlook

Short-term foreign currency deposit rating: upgraded to Prime-3 from Not Prime

ING Bank N.V. -- São Paulo:

Long-term foreign currency deposit rating: upgraded to Baa3 from Ba2, with positive outlook

Short-term foreign currency deposit rating: upgraded to Prime-3 from Not Prime

Itaú Unibanco S.A.:

Long-term foreign currency deposit rating: upgraded to Baa3 from Ba2, with positive outlook

Short-term foreign currency deposit rating: upgraded to Prime-3 from Not Prime

Long-term foreign currency senior unsecured bond rating: upgraded to Baa2 from Baa3, with positive outlook

Itaú Unibanco S.A. (Cayman Islands):

Long-term foreign currency deposit rating: upgraded to Baa3 from Ba2, with positive outlook

Long-term foreign currency senior unsecured bond rating: upgraded to Baa2 from Baa3, with positive outlook

Long-term foreign currency junior subordinated rating: upgraded to Baa2 from Baa3, with positive outlook

Banco Itaú BBA S.A.:

Long-term foreign currency deposit rating: upgraded to Baa3 from Ba2, with positive outlook

Short-term foreign currency deposit rating: upgraded to Prime-3 from Not Prime

Long-term foreign currency senior unsecured bond rating: upgraded to Baa2 from Baa3, with positive outlook

Banco Itaú BBA (Nassau Branch):

Long-term foreign currency senior unsecured bond rating: upgraded to Baa2 from Baa3, with positive outlook

União de Bancos Brasileiros S.A. - Unibanco:

Long-term foreign currency deposit rating: upgraded to Baa3 from Ba2, with positive outlook

Short-term foreign currency deposit rating: upgraded to Prime-3 from Not Prime

The principal methodologies used in rating Brazilian banks was Moody's "Bank Financial Strength Ratings: Global Methodology" and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology", published in February and March 2007 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

The last rating action on Banco BBM was September 16, 2009, when Moody's affirmed the bank's BFSR, GLC and NSR. Other ratings remained unchanged.

The last rating action on Banco BGN was on July 07, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency deposit rating, following the sovereign action on Brazil's foreign currency deposit ceiling. Other ratings remained unchanged.

The last rating action on Banco Industrial e Comercial (BICBanco) was on July 07, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency deposit rating, following the sovereign action on Brazil's foreign currency deposit ceiling. Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 07, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency deposit rating, following the sovereign action on Brazil's foreign currency deposit ceiling. Other ratings remained unchanged.

The last rating action on Banco ABC Brasil was on July 07, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency deposit rating, following the sovereign action on Brazil's foreign currency deposit ceiling. Other ratings remained unchanged.

The last rating action on Banco Bradesco was on July 07, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency deposit and debt ratings, following the sovereign action on Brazil's respective ceilings. Other ratings remained unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was on July 07, 2009, when Moody's placed on review for possible upgrade the long-term foreign currency senior unsecured and junior subordinated debt ratings, following the sovereign action on Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on July 07, 2009, when Moody's placed on review for possible upgrade the long-term foreign currency senior unsecured debt rating, following the sovereign action on Brazil's foreign currency debt ceiling.

The last rating action on Banco ibi S.A. was on September 15, 2009, when Moody's upgraded the bank's BFSR to B-; long and short-term global local currency deposit ratings to A1/P-1; long-term foreign currency deposit rating to Ba2 and long and short-term Brazilian national scale ratings to Aaa.br/BR-1, aligning all ratings to those of Banco Bradesco, following the regulatory approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 07, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency deposit rating, following the sovereign action on Brazil's foreign currency deposit ceiling. Other ratings remained unchanged.

The last rating action on Banco Safra was on July 07, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency deposit rating, following the sovereign action on Brazil's foreign currency deposit ceiling. Other ratings remained unchanged.

The last rating action on Banco Santander (Brasil) was on July 07, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency deposit rating, following the sovereign action on Brazil's foreign currency deposit ceiling. Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on July 07, 2009, when Moody's placed on review for possible upgrade the long-term foreign currency junior subordinated debt rating, following the sovereign action on Brazil's foreign currency debt ceiling.

The last rating action on Banco Votorantim was on July 7, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency deposit and debt ratings, following the sovereign action on Brazil's respective ceilings. Other ratings remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on July 7, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency senior unsecured debt rating, following the sovereign action on Brazil's foreign currency debt ceiling.

The last rating action on Banco do Brasil was on July 07, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency deposit and debt ratings, following the sovereign action on Brazil's respective ceilings. At the same time, Moody's placed on review for possible downgrade the long and short-term global local currency deposit ratings as a result of the global reassessment of the systemic support assumption. The BFSR of C was affirmed and had its outlook changed to positive. The Brazilian national scale ratings remained unchanged with stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on July 07, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency senior unsecured and junior subordinated debt ratings, following the sovereign action on Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 07, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency deposit rating, following the sovereign action on Brazil's foreign currency deposit ceiling. At the same time, Moody's placed on review for possible downgrade the long and short-term global local currency deposit ratings as a result of the global reassessment of the systemic support assumption. The BFSR of C was affirmed and its outlook was changed to positive. The Brazilian national scale ratings remained unchanged with stable outlook.

The last rating action on Banco Nacional de Desenvolvimento Econômico e Social (BNDES) was on July 07, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency deposit and debt ratings, following the sovereign action on Brazil's respective ceilings. At the same time, Moody's placed on review for possible downgrade BNDES' long and short-term local currency issuer ratings as a result of the global reassessment of the systemic support assumption.

The last rating action on Caixa Econômica Federal was on July 07, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency deposit rating, following the sovereign action on Brazil's foreign currency deposit ceiling. At the same time, Moody's placed on review for possible downgrade the short and long-term global local currency deposit ratings as a result of the global reassessment of the systemic support assumption. The BFSR of D+ was affirmed with a stable outlook. The Brazilian national scale ratings remained unchanged with stable outlook.

The last rating action on HSBC Bank Brasil was on July 07, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency deposit rating, following the sovereign action on Brazil's foreign currency deposit ceiling. Other ratings remained unchanged.

The last rating action on ING Bank NV (São Paulo Branch) was on July 07, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency deposit rating, following the sovereign action on Brazil's foreign currency deposit ceiling. Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itaú) was on July 7, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency deposit and debt ratings, following the sovereign action on Brazil's respective ceilings. Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's placed on review for possible upgrade the deposit, senior unsecured and junior subordinated debt ratings, following the sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency deposit and debt ratings, following the sovereign action on Brazil's respective ceilings. Other ratings remained unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on July 7, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency senior unsecured debt rating, following the sovereign action on Brazil's foreign currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when Moody's placed on review for possible upgrade the bank's long-term foreign currency deposit, following the sovereign action on Brazil's foreign currency deposit ceiling. Other ratings remained unchanged.

Sao Paulo
Ceres Lisboa
Vice President - Senior Analyst
Financial Institutions Group
Moody's America Latina Ltda.
55-11-3043-7300

New York
M. Celina Vansetti
Senior Vice President
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's upgrades FC ratings of some Brazilian banks
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