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CORRECT: Fitch Changes Ratings on Brazilian Banks & Affirms Insurance Company.

Business Editors

NEW YORK/LONDON/SAO PAULO--(BUSINESS WIRE)--June 21, 2002

(In a press release issued earlier, the headline was incorrect. The amended press release follows)

Fitch Ratings-New York/London/Sao Paulo-June 21, 2002: Fitch Ratings, the international rating agency, has today downgraded the Long-term foreign currency rating of the Brazilian banks indicated below to 'B+' from 'BB-', following a rating downgrade of Brazil's sovereign Long-term foreign currency rating, to 'B+' from 'BB-':

Banco Alfa de Investimento

-- Long-term foreign currency to 'B+' from 'BB-';

Banco BCN

-- Long-term foreign currency to 'B+' from 'BB-';

Banco Bradesco

-- Long-term foreign currency to 'B+' from 'BB-';

Banco Brascan

-- Long-term foreign currency to 'B+' from 'BB-';

Banco do Brasil

-- Long-term foreign currency to 'B+' from 'BB-';

Banco Itau

-- Long-term foreign currency to 'B+' from 'BB-';

Banco Safra

-- Long-term foreign currency to 'B+' from 'BB-';

Banco Sul America

-- Long-term foreign currency to 'B+' from 'BB-';

Banco Votorantim

-- Long-term foreign currency to 'B+' from 'BB-';

BBV Banco

-- Long-term foreign currency to 'B+' from 'BB-';

Unibanco

-- Long-term foreign currency to 'B+' from 'BB-';

The Long-term foreign currency ratings for all banks above remain on Outlook Negative, in line with the Negative Outlook of Brazil's Long-term foreign currency sovereign rating.

At the same time, the agency has affirmed all other ratings assigned to the Brazilian Banks, as follows:

Banco Alfa de Investimento

Foreign Currency:
-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


National:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


Banco BCN

Foreign Currency:

-- Short-term at 'B';

Local Currency:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


National:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


Banco Bradesco

Foreign Currency:

-- Short-term at 'B';

Local Currency:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


National:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


Banco Brascan

Foreign Currency:

-- Short-term at 'B';

Local Currency:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


National:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


Banco do Brasil

Foreign Currency:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


National:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


Banco Fibra

Foreign Currency:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


Local Currency:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


National:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


Banco Itau

Foreign Currency:

-- Short-term at 'B';

Local Currency:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


National:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


Banco Safra

Foreign Currency:

-- Short-term at 'B';

Local Currency:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


National:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


Banco Santos

Foreign Currency:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


National:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


Banco Sul America

Foreign Currency:

-- Short-term at 'B';

National:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


BBV Banco

Foreign Currency:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


National:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


Unibanco

Foreign Currency:

-- Short-term at 'B';

Local Currency:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


National:


-- Short-term at 'F1+ (bra)';

-- Long-term at 'AA (bra)';

-- Rating Outlook Stable.


At the same time, Fitch has affirmed Bradesco Seguros' IFS (Insurance Financial Strength) rating at 'B+'. In line with the rating outlook assigned to Brazil's sovereign ratings, the rating outlook for Bradesco Seguros' IFS is negative. The national IFS rating of 'AA(bra)' is affirmed as well as the stable outlook assigned to the latter.

A copy of the sovereign rating press release is available on Fitch's web site at 'www.fitchratings.com'.

Note to Editors:

Fitch Ratings's Support and Individual Ratings for Banks:

Fitch's Individual ratings assess how a bank would be viewed if it were entirely independent and could not rely on external support. Its Support ratings deal with the question of whether a bank would receive support from its owners or from the state if it were to get into difficulty. These ratings are not debt ratings but rather, respectively, an assessment of the intrinsic strength of a bank and of any level of outside support that may, or may not, be available to it. A Support rating qualified by the suffix "T" indicates significant existing or potential transfer risk of economic and/or political origin that might prevent support for foreign currency creditors.

Fitch's national ratings provide a relative measure of creditworthiness for rated entities in countries where the sovereign's foreign and local currency ratings are below 'AAA'. National ratings are not internationally comparable since the best relative risk within a country is rated 'AAA' and other credits are rated only relative to this risk. They are signified by the addition of an identifier, for the country concerned, such as 'AAA (bra)' for national ratings in Brazil.
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Publication:Business Wire
Date:Jun 21, 2002
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