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Published on 2/26/2013 in the Prospect News Emerging Markets Daily.

Moody's lowers Itau, Bradesco

Moody's Investors Service said it downgraded Itau Unibanco Holding SA (Cayman Branch)'s foreign-currency subordinated debt rating to Baa3 from Baa2 and Banco Bradesco SA (Grand Cayman Branch)'s foreign-currency subordinated debt rating to Baa2 from Baa1.

This concludes the review for downgrade begun on Nov. 27, and the outlook is positive.

The agency said it removed systemic support from the ratings of these Brazilian banks' subordinated debt instruments, placing them one notch below their respective adjusted baseline credit assessments and reflecting Moody's views that there is an increased likelihood that subordinated debt holders would be subject to burden sharing in the event support were required.

The outlook on these ratings has been changed to positive in line with the positive outlook on these issuers' standalone unsupported ratings.


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