S&P boosts Banco Citibank

Standard & Poor's said it raised its long-term counterparty credit rating on Banco Citibank SA to BBB- from BB+.

The outlook was revised to stable from positive.

The agency said that the upgrade of Banco Citibank follows the upgrade of the Federative Republic of Brazil and incorporates the support of Citigroup Inc. (AA-/Watch negative/A-1+), as it understands that the Brazilian subsidiary is strategically important to the parent.

Citibank fits well into Citigroup's objective of having a global presence and providing financial services to global corporate customers, the agency said, noting that the ratings also consider the benefits of Citibank's brand-name recognition and Banco Citibank's integration into the parent in terms of procedures, philosophy and business direction.

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