Fitch acts on Brazilian banks

Fitch Ratings said it upgraded the long-term issuer default ratings of several Brazilian financial institutions following the upgrade of Brazil's sovereign issuer rating to BB from BB- on July 26.

Among the banks are Itau Unibanco Holding SA and its senior unsecured rating to BB+ from BB; Banco BTG Pactual SA and its senior unsecured rating to BB from BB- and its subordinated rating to B+ from B; Banco do Brasil SA and its senior unsecured rating to BB from BB-; Banco Bradesco SA and its senior unsecured rating to BB+ from BB; and Banco Nacional de Desenvolvimento Economico e Social and its senior unsecured rating to BB from BB-.

Fitch also upgraded Itau Unibanco Holding’s Basel III compliant tier 2 notes to BB- from B+ and affirmed the B subordinated ratings on its tier 1 notes.

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