Moody’s changes Itau BBA to stable

Moody's Investors Service said it changed the outlooks on the long-term deposit and issuer ratings of Itau BBA International plc, Itau Unibanco SA's U.K. subsidiary, to stable from negative and affirmed all the bank's ratings.

This action follows the March 15 change in outlooks to stable from negative on the ratings of Itau BBA’s parent, Itau Unibanco SA, and Brazil's government bond rating of Ba2.

Given the change in outlooks to stable on Itau Unibanco and Brazil's government bond rating, Moody's considers that downside risk to Itau BBA’s own creditors resulting from a potential further deterioration in credit risk from Brazil or its parent has diminished.

As a result, the agency affirmed the bank's BCA of baa2, affirmed the A3 long-term deposit and issuer ratings and changed their respective outlooks to stable from negative.

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