Fitch Rates Banco Itau BBA S.A. (Uruguay Branch) L-T LC IDR 'BB-'; Upgrades National Rating.BUENOS AIRES Buenos Aires (bwā`nəs ī`rēz, âr`ēz, Span. bwā`nōs ī`rās), city and federal district (1991 pop. , Argentina -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned a long-term local currency Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) of 'BB-' to Banco Itau BBA BBA abbr. Bachelor of Business Administration -- Uruguay Branch. At the same time, Fitch has upgraded its national rating to AA(uy) from AA-(uy), and affirmed the other ratings as follows: --Foreign currency long-term IDR at 'B-' (Stable Outlook); --Support '4'. The bank's long-term ratings reflect its status as a branch of Banco Itau BBA and the quality of its parent, Banco Itau Holding Financiera (BIHF BIHF Bisexual Hispanic Female ), which has ratings of 'BB-' for the long-term foreign currency IDR, restricted by the sovereign ceiling, and 'AA(br)' for the long-term national rating. The ratings also reflect the strong supervision of credit, market, and operational risks by BIHF, the group's good access to credit, and the good performance of Banco Itau BBA S.A. The operating environment in Uruguay has improved in the past two years and is now less volatile. Consequently, the restrictions on Fitch's national ratings have been left behind and this led to the upgrade on Banco Itau BBA -- Uruguay Branch's national rating. Banco Itau BBA S.A., one of the largest banks operating in Brazil, is controlled almost entirely by BIHF (95.75%), which also holds a 100% equity stake in Banco Itau S.A. and reported assets and equity of US$64.6 billion and US$6.6 billion, respectively, at the end of 2005. The credit research on Banco Itau BBA -- Uruguay Branch is available on the Fitch Ratings subscription web site, www.fitchresearch.com, or by contacting the Ratings Desk in London: +44 20 7417 6300. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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