S&P affirms Itau Unibanco

Standard & Poor's said that it affirmed the global-scale BBB/A-3 and national-scale brAAA/brA-1 ratings on Itau Unibanco Holding SA and Banco Itau BBA SA.

The outlook is stable.

The ratings reflect the bank's strong and diversified business position as the largest privately controlled bank in Latin America, its large and stable deposit base backing strong liquidity levels and its good core earnings generation, the agency said.

The ratings also consider the concentration of business in Brazil, strong competition with the large retail banks and risks inherent to the fast pace of credit growth limit the bank's credit profile, the agency added.

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