Fitch Revises Itau BBA S.A.- Uruguay Branch's Outlook to Positive.

BUENOS AIRES -- Fitch Ratings has revised Banco Itau BBA - Uruguay Branch's Rating Outlook on the foreign and local currency Issuer Default Rating (IDR) to Positive from Stable after taking the same action on the sovereign IDR.

The bank's ratings are as follows:

-- Long-term foreign currency Issuer Default Rating (IDR) 'B+';

-- Long-term local currency IDR 'BB-';

-- Support Rating '4';

-- National long-term rating 'AA(uy)'; Stable Outlook.

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), which has ratings of 'BB-' with a Positive Outlook 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 by BIHF of credit, market, and operational risks, the group's good access to credit, and the good performance of Banco Itau BBA S.A. Its international ratings are constrained by those of the sovereign and of its parent.

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: [phone].

Fitch's rating definitions and the terms of use 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 are also available from the 'Code of Conduct' section of this site.