Fitch puts Banco BMC on positive watch

Fitch Ratings said it placed on Rating Watch positive Banco BMC SA's B- local- and foreign-currency long-term issuer default ratings, B local-currency short-term rating, B-/RR4 fixed-rate notes due 2008, 5 support rating, BBB-(bra) national long-term rating and F3(bra) national short-term rating.

The D/E individual rating and B foreign-currency short term-ratings were affirmed.

The agency also affirmed Banco Bradesco SA's BB+ long-term foreign-currency rating, BBB- long-term local-currency rating, B/C individual rating, F3 local-currency short-term rating, B short-term rating, 4 support rating, F1+(bra) national long-term rating and AA+(bra) national long-term rating.

The positive watch reflects the private instrument for commitment of stocks and other covenants signed by Banco Bradesco, focusing on the acquisition of all of the stock of BMC and its subsidiaries, Fitch said. The total amount of the deal was $R800 million, exclusively comprising an exchange of stocks. The conclusion of this deal still depends on the due diligence process from and the approval of authorities.

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