Moody's may lift Brazilian banks

Moody's Investors Service said it placed on review for possible upgrade the Ba2 long-term foreign currency deposit ratings of certain Brazilian banks.

Moody's said it also placed on review for upgrade the Baa3 foreign currency bond ratings of selected Brazilian banks, as well as the Baa3 long-term foreign-currency subordinate perpetual bond ratings of Banco Bradesco SA, Grand Cayman Branch, Banco Santander SA -- Cayman Branch and Itaú Unibanco SA.

These rating actions are the direct result of Moody's review for possible upgrade of Brazil's Baa3 country ceiling for foreign currency bonds and notes, as well as Brazil's Ba2 country ceiling for foreign currency deposits, the agency added.

The agency noted that the actions on the deposit and bond ratings of the banks have no effects on their financial strength ratings or local currency deposit ratings or their respective outlooks.

The following ratings have been placed on review for possible upgrade:

• Banco ABC Brasil SA: Ba2 long-term foreign currency deposit rating;

• Banco BBM SA: Ba2 long-term foreign-currency deposit rating;

• Banco BGN SA: Ba2 long-term foreign-currency deposit rating;

• Banco Bradesco SA: Ba2 long-term foreign currency deposit rating and Baa3 long-term foreign currency bond rating;

• Banco Bradesco SA (Grand Cayman Branch): Baa3 long-term foreign currency bond rating and Baa3 long-term foreign currency junior subordinated debt rating;

• Banco Citibank SA: Ba2 long-term foreign currency deposit rating;

• Banco Industrial e Comercial SA: Ba2 long-term foreign currency deposit rating;

• Itaú Unibanco SA: Ba2 long-term foreign currency deposit rating and Baa3 long-term foreign currency bond rating;

• Itaú Unibanco SA (Cayman Islands): Ba2 long-term foreign currency deposit rating, Baa3 long-term foreign currency bond rating and Baa3 long-term foreign currency junior subordinated debt rating;

• Banco Itaú BBA SA: Ba2 long-term foreign-currency deposit rating and Baa3 long-term foreign currency bond rating;

• Banco Itaú BBA (Nassau Branch): Baa3 long-term foreign currency bond rating;

• Banco Safra SA: Ba2 long-term foreign currency deposit rating;

• Banco Santander SA (Brazil): Ba2 long-term foreign currency deposit rating;

• Banco Santander SA - Cayman Branch: Baa3 long-term foreign currency junior subordinated debt;

• Banco Sofisa SA: Ba2 long-term foreign currency deposit rating;

• Banco Votorantim SA: Ba2 long-term foreign currency deposit rating and Baa3 long-term foreign currency bond rating;

• Banco Votorantim SA (Nassau Branch): Baa3 long-term foreign currency bond rating;

• BES Investimento do Brasil SA: Ba2 long-term foreign currency deposit rating and Baa3 long-term foreign currency bond rating;

• HSBC Bank Brasil SA - Banco Múltiplo: Ba2 long-term foreign currency deposit rating;

• ING Bank NV -- São Paulo: Ba2 long-term foreign-currency deposit rating; and

• União de Bancos Brasileiros SA - Unibanco: Ba2 long-term foreign currency deposit rating.

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