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Fitch upgrades Brazilian banks
Fitch Ratings said it upgraded several Brazilian banks following the upgrade of the country's foreign- and local-currency issuer default ratings to BB+ from BB and the country ceiling rating to BBB- from BB+.
The agency upgraded Banco do Brasil SA's foreign- and local-currency issuer default ratings to BBB- from BB+, short-term foreign- and local-currency ratings to F3 from B and national long-term rating to AA+(bra) from AA(bra); Banco ABN Amro Real SA's foreign-currency issuer default rating to BBB- from BB+, short-term foreign-currency rating to F3 from B, local-currency issuer default rating to BBB from BBB- and national long-term rating to AAA(bra) from AA+(bra); and Banco Bradesco SA's foreign-currency issuer default rating to BBB- from BB+, short-term foreign-currency rating to F3 from B, local-currency issuer default rating to BBB from BBB-, support rating to 3 from 4 and national long-term rating to AAA(bra) from AA+(bra).
Fitch lifted the foreign-currency issuer default ratings of Banco Itau Holding Financeira SA, Banco Itau SA and Banco Itau BBA SA to BBB- from BB+, their short-term foreign-currency ratings to F3 from B, their local-currency issuer default ratings to BBB from BBB-, their support ratings to 3 from 4 and their national long-term ratings to AAA(bra) from AA+(bra).
Additionally, the agency upgraded Banco Votorantim SA's foreign-currency issuer default rating to BBB- from BB+ and short-term foreign-currency rating to F3 from B; Caixa Economica Federal's national long-term rating to AA(bra) from AA-(bra) and support rating to 3 from 4; and Unibanco-Uniao de Bancos Brasileiros SA's foreign- and local-currency issuer default ratings to BBB- from BB+, short-term foreign- and local-currency ratings to F3 from B, support rating to 3 from 4 and national long-term rating to AA+(bra) from AA(bra).
The outlook is stable.
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