Moody's ups notes of five Brazilian banks

Moody's Investors Service said it upgraded the foreign-currency ratings of the notes issued by five Brazilian banks: Banco Bradesco SA, Banco Itaś SA, Banco Itaś BBA SA, Banco do Brasil and Uniao de Bancos Brasileiros SA.

The outlook on these ratings is stable.

This action follows Moody's upgrade of the global local-currency rating for each of these banks, which was a direct result of Moody's recent upgrade of Brazil's country ceiling for foreign-currency bond and notes, the local-currency bank deposit ceiling and the country ceiling for foreign-currency bank deposits.

The complete rating actions are as follows: Banco Itaś BBA, acting through its Nassau, Bahamas Branch 10 3/8% step up subordinated callable notes due 2012, upgraded to A2 from Baa1; Banco Bradesco, acting through its Grand Cayman branch, 10¼% subordinated notes due 2011, upgraded to A2 from Baa1; Banco Bradesco, acting through its Grand Cayman branch, subordinated notes due 2012, 2013 and 2014, upgraded to A2 from Baa1; Banco Itaś , acting through its Grand Cayman branch, subordinated notes due 2011, upgraded to A2 from Baa1; Unibanco, acting through its Grand Cayman branch, step up subordinated callable notes due 2012 and 2013, upgraded to A2 from Baa1.

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