S&P ups Brazilian banks

S&P said it upgraded its ratings for a group of Brazilian financial services companies and their subsidiaries following a similar action on Tuesday on Brazil’s foreign- and local-currency ratings.

The companies are Banco ABC Brasil SA, Banco Bradesco SA, Banco BTG Pactual SA,

Banco do Brasil SA, Banco do Nordeste do Brasil SA, Banco Nacional de Desenvolvimento Economico e Social, Banco Pan SA, Banco Safra SA, Banco Votorantim SA and Caixa Economica Federal.

The outlook on the issuers is stable.

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