Fitch affirms Banco Itau Uraguay

Fitch Ratings said it affirmed Banco Itau BBA - Uruguay Branch's long-term foreign- and local-currency issuer default rating at BB- with positive outlook, support rating at 4 and national long-term rating at AA(uy) with stable outlook.

The ratings reflect the bank's status as a branch of Banco Itau BBA and the quality of its parent, Banco Itau Holding Financiera, which has a long-term foreign-currency issuer default rating of BB+ with positive outlook, restricted by the sovereign ceiling and AA+(br) for the long-term national rating, Fitch said.

The ratings also reflect Banco Itau's intention to close its Uruguay branch after the acquisition by Banco Itau SA of Bank Boston NA Uruguay Branch, the agency added.

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