S&P boosts Banco Itau

Standard & Poor's said it raised its foreign currency counterparty credit ratings on Banco Itau SA to BB from BB- following the raising of the foreign-currency rating assigned to the Federal Republic of Brazil to BB from BB- and its local-currency rating to BB+.

The foreign and local currency ratings of the bank are now equalized at BB, S&P said. The outlook is stable.

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

Banco Itaś'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, the agency said.

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