S&P lifts 8 Brazil banks

Standard & Poor's said it raised the short-term ratings on eight Brazilian financial institutions to A-2 from A-3.

Those banks include Banco Bradesco SA, Banco Citibank SA, Banco do Brasil SA, Banco do Nordeste do Brasil SA, Banco Santander (Brasil) SA, HSBC Bank Brasil SA, Itau Unibanco Holding SA and Banco Itau BBA SA.

All other ratings and outlooks remain unchanged.

The change does not reflect an improvement in the view of these banks' short-term creditworthiness, S&P said.

The action on these entities, which include six private universal banks and two government-related entities, mirrors the same rating action the agency took on the short-term foreign-currency rating on Brazil, S&P said.

The upgrade results from the revision of the criteria on the linkage between the long-term and short-term ratings on sovereigns, the agency said.

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