S&P rates Banco Itau notes BB-

Standard & Poor's said it assigned its BB- foreign-currency long-term senior unsecured debt rating to Banco Itau SA's $125 million eurobonds issued in January with a coupon of 4.375%, maturing on Jan. 31, 2008.

The local-currency counterparty credit ratings on the bank are BB/stable/B, and the foreign-currency counterparty credit ratings are BB-/stable/B.

The local currency rating on Banco Itaś SA incorporates its exposure to the economic risk of the Brazilian financial system. The rating benefits from the bank's strong, well-diversified business profile, professional management team, focused strategy, and above-average profitability.

As with all banks operating in Brazil, Banco Itaś is exposed to the economic risk of the Brazilian financial system through its direct exposure to government risk in the form of open market operations and marketable securities.

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