S&P affirms Banco Itau

Standard & Poor's said it affirmed its BB-/B foreign currency and BB/B local currency counterparty credit ratings on Banco Itau SA. The outlook is stable.

S&P said the ratings on Banco Itau incorporate the fact that it operates in Brazil and is exposed to the economic and industry risk of the country.

Nevertheless, Banco Itau continues to be one of the most-creditworthy institutions in Latin America and benefits from a strong and well-diversified business profile, professional management team, focused strategy and excellent earnings track record, the agency added.

Banco Itau's good business profile reflects its strong brand-name recognition, ability to improve cross selling by taking advantage of its large client base, its broad range of product offerings and leading position in most segments, S&P noted.

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