Fitch ups select Brazilian banks

Fitch Ratings said it has revised the outlook on the long-term ratings of several Brazilian banks to positive from stable. This action follows a similar action taken recently with Brazil's sovereign rating.

Ratings raised to positive from stable include the following banks:

* Banco Bradesco's long-term foreign currency BB-, long-term local currency BB+;

* Bradesco Seguros' insurer financial strength BB-;

* Banco Itau Holding Financeira's long-term foreign currency BB-, long-term local currency BB+;

* Banco Itau's long-term foreign currency BB-, long-term local currency BB+;

* Banco Itau BBA's long-term foreign currency BB-, long-term local currency BB+;

* Banco do Estado de Sao Paulo (Banespa)'s long-term foreign currency BB-, long-term local currency BB+;

* Banco Santander Brasil's long-term foreign currency BB-, long-term local currency BB+;

* Banco Santander's Meridional's long-term foreign currency BB-, long-term local currency BB+;

* Banco Votorantim's long-term foreign currency BB-, long-term local currency BB+;

* Banco do Brasil's long-term foreign currency BB-, long-term local currency BB;

* Banco Safra's long-term foreign currency BB-, long-term local currency BB;

* Banco Unibanco's long-term foreign currency BB-, long-term local currency BB;

* Banco Pactual's long-term foreign currency BB-, long-term local currency BB-;

* Pactual Overseas Corp.'s long-term foreign currency BB-, long-term local currency BB-;

Fitch also affirmed the following ratings:

* Banco Itau Holding Financeira's individual B/C, support 4;

* Banco Itau's individual B/C, support 4;

* Banco Itau BBA's individual B/C, support 4;

* Banco Bradesco's individual C, support 4;

* Banco do Estado de Sao Paulo (Banespa)'s individual C, support 3;

* Banco Santander Brasil's individual C/D, support 3;

* Banco Santander Meridional's individual D, support 3;

* Banco Votorantim's individual C/D;

* Banco do Brasil's individual C/D, support 4;

* Banco Safra's individual C, support 4;

* Banco Unibanco's individual C, support 4;

* Banco Pactual's individual C/D, support 5;

* Pactual Overseas Corp.'s support 4.

Additionally, Fitch upgraded Banco Votorantim's support rating to 3 from 4, reflecting the strength of the bank's parent and Fitch's conviction that its parent would support the bank if necessary, Fitch said.

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