Moody's ups Brazilian banks

Moody's Investors Service said it upgraded the long-term foreign-currency deposit ratings of selected Brazilian banks to Ba3 from B1.

Banks affected include Banco ABN Amro Real SA, Banco Sudameris Brasil SA, Banco Barclays SA, Banco Bonsucesso SA, Banco BMG SA, Banco Bradesco SA, Banco Citibank SA, Banco Cruzeiro do Sul SA, Banco do Brasil SA, Banco do Estado de São Paulo SA, Banco Industrial e Comercial SA, Banco Bradesco SA, Banco Itaú SA, Banco Itaú SA Cayman Islands, Banco Itaú BBA SA, Banco GMAC SA, Banco Nacional de Desenvolvimento Econômico e Social SA, Banco Nossa Caixa SA, Banco PanAmericano SA, Banco Safra SA, Banco Santander Brasil SA, Banco Schahin SA, Banco Sumitomo Mitsui Brasileiro SA, BES Investimento do Brasil SA, Caixa Econômica Federal, HSBC Bank Brasil SA, União de Bancos Brasileiros SA and Banco Votorantim SA.

In addition, Moody's upgraded the long- and short-term local-currency bank deposit ratings of Banco do Brasil, Caixa Econômica Federal, Banco Bradesco, Banco Itaú and União de Bancos Brasileiros to A1/Prime-1 from A3/Prime-2.

Finally, the foreign-currency bond ratings of Banco do Brasil and Banco Itau Cayman Islands were upgraded to Baa3 from Ba1.

The outlook is stable.

These rating actions follow Moody's upgrade of Brazil's country ceiling for foreign-currency bonds and notes to Ba2 from Ba3, the country ceiling for foreign-currency bank deposits to Ba3 from B1 and the local-currency bank deposit ceiling to A1 from A3.

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