Moody's upgrades ratings of certain Brazilian banks
New York, August 23, 2007 -- Moody's Investors Service upgraded the long-term foreign-currency
bank deposit ratings of certain Brazilian banks to Ba2, from Ba3.
Moody's also upgraded the foreign currency bond ratings of selected Brazilian
banks. The outlook on the ratings is stable.
This action follows Moody's upgrade of Brazil's foreign currency ceiling
for deposits to Ba2, from Ba3, and the foreign currency country
ceiling for bonds and notes to Baa3, from Ba1. The country
ceilings have a stable outlook.
Moody's also upgraded the long-term foreign-currency senior
bond rating of Banco Votorantim S.A. to Baa3, from
Ba1, the long- and short-term foreign-currency
senior bond ratings of Banco Votorantim S.A. (Nassau Branch)
to Baa3/P-3, from Ba1/NP, and the long-term
foreign-currency subordinate perpetual bond ratings of Banco Bradesco
S.A., Grand Cayman Branch, Banco do Brasil S.A.
(Cayman), Banco do Estado de São Paulo S.A.
(CI) and União de Bancos Brasileiros S.A.,
Grand Cayman to Baa3, from Ba1.
The following ratings have been upgraded:
Banco ABN AMRO Real S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
Banco BBM S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
Banco BMC S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
Banco BMG S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
Banco Bonsucesso S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
Banco Bradesco S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
Banco Bradesco S.A., Grand Cayman Branch: long-term
foreign-currency junior subordinate debt to Baa3, from Ba1,
stable outlook.
Banco Citibank S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
Banco Cruzeiro do Sul S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
Banco do Brasil S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
Banco do Brasil S.A. (Cayman): long-term foreign-currency
junior subordinate debt to Baa3, from Ba1, stable outlook.
Banco Fibra S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
Banco GMAC S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
Banco Industrial e Comercial S.A - BICBANCO: long-term
foreign-currency deposits to Ba2, from Ba3, stable
outlook.
Banco Itaú S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
Banco Itaú S.A. (Cayman Islands): long-term
foreign-currency deposits to Ba2, from Ba3, stable
outlook.
Banco Itaú BBA S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
Banco Mercantil do Brasil S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
Banco Nacional de Desenvolvimento Econômico e Social S.A
- BNDES: long-term foreign-currency deposits
to Ba2, from Ba3, stable outlook.
Banco Nossa Caixa S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
Banco PanAmericano S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
Banco Pine S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
Banco Ribeirão Preto S.A.: long-term
foreign-currency deposits to Ba2, from Ba3, stable
outlook.
Banco Safra S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
Banco Santander Banespa S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
Banco do Estado de São Paulo S.A. (CI): long-term
foreign-currency junior subordinate debt to Baa3, from Ba1,
stable outlook.
Banco Votorantim S.A.: long-term foreign-currency
deposits to Ba2, from Ba3, and long-term foreign-currency
debt to Baa3, from Ba1, stable outlook.
Banco Votorantim S.A. (Nassau Branch): long-
and short-term foreign-currency debt to Baa3/P-3,
from Ba1/NP, stable outlook.
Banif - Banco Inter. do Funchal (Brasil), S.A.:
long-term foreign-currency deposits to Ba2, from Ba3,
stable outlook.
BES Investimento do Brasil S.A.: long-term
foreign-currency deposits to Ba2, from Ba3, stable
outlook.
Caixa Econômica Federal: long-term foreign-currency
deposits to Ba2, from Ba3, stable outlook.
HSBC Bank Brasil S.A. - Banco Múltiplo:
long-term foreign-currency deposits to Ba2, from Ba3,
stable outlook.
ING Bank N.V. -- São Paulo: long-term
foreign-currency deposits to Ba2, from Ba3, stable
outlook.
União de Bancos Brasileiros S.A. - Unibanco:
long-term foreign-currency deposits to Ba2, from Ba3,
stable outlook.
União de Bancos Brasileiros S.A., Grand Cayman:
long-term foreign-currency junior subordinate debt to Baa3,
from Ba1, stable outlook.
New York
M. Celina Vansetti
Senior Vice President
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Sao Paulo
Ceres Lisboa
Vice President - Senior Analyst
Financial Institutions Group
Moody's America Latina Ltda.
55-11-3043-7300