S&P roundup: Itaú Unibanco, Bradesco, Santander

- Friday, December 2, 2011

S&P roundup: Itaú Unibanco, Bradesco, Santander

Standard & Poor's (S&P) affirmed Itaú Unibanco Holding and Banco Itaú BBA's Brazilian national scale ratings of BBB/A-3 and brAAA/A-1 with a stable outlook, according to a press release.

The ratings agency said Itaú Unibanco's ratings reflect the very strong business position of the bank, its capital and profitability, appropriate risk funding measures and adequate liquidity.

Itaú Unibanco is the largest private sector bank in Latin America, with total assets of 837bn reais (US$470bn), a loan portfolio of US$311bn and deposits of US$336bn at end-September.

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S&P also affirmed the ratings on Brazilian bank Banco Bradesco (NYSE: BBD) and on two subsidiaries, all with stable outlooks, a press release reads.

The Bradesco ratings were affirmed at BBB/A-3 on a global scale and brAAA/brA-1 on a national scale.

The ratings on the subsidiaries, Bradesco Segurosand Bradesco Capitalização, were affirmed at brAAA.

The ratings show that the bank will continue expanding its business volume, looking to keep its relevant market position as the second largest private sector bank in Brazil and the biggest player in the insurance market.

To read the full report, go to this link

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Brazilian bank Banco Santander's (NYSE: BSBR) ratings were upgraded to BBB/A-3 from BBB-/A-3 and removed from CreditWatch, with a stable outlook, a press release from S&P reads.

At the same time, S&P reaffirmed the brAAA/A-1 national scale rating assigned to the bank. The counterparty credit ratings prospect is stable.

The ratings on the local unit of Spain's Santander (NYSE: STD) show that it is a core subsidiary for its parent company, compared to other banks in Latin America, S&P said.

To read the full report, go to this link