Moody's places Brazilian banks on review for upgrade

Moody's Investors Service said it placed on review for possible upgrade the B1 long-term foreign currency deposit ratings of certain Brazilian banks.

The banks include Banco ABN Amro Real, Banco Sudameris Brasil, Banco Barclays, Bonsucesso, Banco BMG, Banco Bradesco, Banco Citibank, Banco Cruzeiro do Sul, Banco de Brasil, Banco do Estado de Sao Paulo, Banco Industrial e Comercia, Banco Itau, Banco Itau Cayman Islands, Banco GMAC, Banco de Desenvolvimento Economico e Social, Banco Nossa Caixa, Banco PanAmericano, Banco Safra, Banco Santander Brasil, Banco Schahin, Banco Sumitomo Mitsui Brasileiro, BES Investimento do Brasil, Caixa Economica Federal, HSBC Bank Brasil, União de Bancos Brasileiros and Banco Votorantim.

In addition, Moody's has also placed on review for upgrade the Ba2 long-term foreign currency bond rating of Banco Votorantim.

These rating actions are the direct result of Moody's having placed on review for possible upgrade Brazil's Ba3 country ceiling for foreign currency bonds and notes as well as Brazil's B1 country ceiling for foreign currency bank deposits.

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