S&P upgrades Banco do Nordeste do Brasil

Standard & Poor's said it raised its foreign- and local-currency corporate credit ratings on Banco do Nordeste do Brasil SA (BNB) to BB and BB+, respectively, from BB- and BB.

The outlook is stable.

These actions follow our raising of the foreign and local currency sovereign credit ratings on Brazil, S&P said, noting it raised its foreign currency rating on Brazil to BB from BB- and its local currency rating to BB+ from BB.

The ratings on BNB reflect ownership and support by the Federative Republic of Brazil, the public policy role of the bank and the favorable liquidity inflow and liability structure, the agency said, adding the ratings are closely linked to Brazil's sovereign risk.

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