S&P ups Brazilian banks

Standard & Poor's said it raised its long-term foreign- and local-currency ratings on eight Brazilian financial services entities following the upgrade of the sovereign foreign- and local-currency ratings on the Federative Republic of Brazil, which was raised to BB+ from BB, long-term local-currency to BBB with positive outlook.

The upgrades on the financial services entities reflect the improved creditworthiness stemming from the entities' own merits and parent support, the agency said, and the improvements in operating environments.

The ratings changes include:

Banco Bradesco SA's foreign-currency counterparty credit rating to BBB-/positive/A-3 from BB+/positive/B, local-currency counterparty credit rating to BBB-/positive/A-3 from BB+/positive/B, Brazil national scale rating to brAAA/stable/brA-1 from brAA+/positive/brA-1.

Banco Itau SA's foreign-currency counterparty credit rating to BBB-/positive/A-3 from BB+/positive/B, local-currency counterparty credit rating to BBB-/positive/A-3 from BB+/positive/B, Brazil national scale rating to brAAA/stable/brA-1 from brAA+/positive/brA-1.

Banco Itau BBA SA's foreign-currency counterparty credit rating to BBB-/positive/A-3 from BB+/positive/B, local-currency counterparty credit rating to BBB-/positive/A-3 from BB+/positive/B, Brazil national scale rating to brAAA/stable/brA-1 from brAA+/positive/brA-1.

Banco Citibank SA's foreign-currency counterparty credit rating to BB+/positive/B from BB/positive/B, local-currency counterparty credit rating to BB+/positive/B from BB/positive/B, Brazil national scale rating to brAA+/positive/brA-1 from brAA/positive/brA-1.

Banco Santander Banespa SA's foreign-currency counterparty credit rating to BB+/positive/B from BB/positive/B, local-currency counterparty credit rating to BB+/positive/B from BB/positive/B, Brazil national scale rating to brAA+/positive/brA-1 from brAA/positive/brA-1.

HSBC Bank Brasil SA's foreign-currency counterparty credit rating to BB+/positive/B from BB/positive/B, local-currency counterparty credit rating to BB+/positive/B from BB/positive/B.

Banco Votorantim SA's foreign-currency counterparty credit rating to BB+/stable/B from BB/positive/B, local-currency counterparty credit rating BB+/stable/B from BB/positive/B, Brazil national scale rating to brAA+/stable/brA-1 from brAA/positive/brA-1.

Unibanco-Uniao de Bancos Brasileiros, SA's foreign-currency counterparty credit rating to BB+/positive/B from BB/positive/B, local-currency counterparty credit rating to BB+/positive/B from BB/positive/B.

Unibanco Asset Management - Banco de Investimento SA's Brazil national scale rating to brAA+/positive/brA-1 from brAA/positive/brA-1.

Bradesco Seguros SA's Brazil national scale rating to brAAA with stable outlook from brAA+ with positive outlook, Brazil national scale financial-strength rating to brAAA with stable from brAA+ with positive outlook.

Bradesco Capitalizacao SA's Brazil national scale rating to brAAA with stable outlook to brAA+ with positive outlook.

Itau Seguros SA's Brazil national scale rating to brAAA with stable outlook from brAA+ with positive outlook, Brazil national scale financial-strength rating brAAA with stable outlook to brAA+ with positive outlook.

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