Fitch Upgrades Local Currency Ratings of Selected Emerging Markets Banks.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- 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. , the international rating agency, has today upgraded the long-term local currency ratings of 17 banks in several emerging markets, as listed below. The rating actions follow the release of a criteria report 'Rating Banks Above the Local Currency Sovereign Rating,' dated June 22, 2004, available on Fitch's web site at 'www.fitchratings.com,' which outlines the conditions under which select banks may see their local currency long-term ratings rise above the local currency long-term sovereign rating of their home country. Brazil: Banco Bradesco Banco Bradesco, short for Banco Brasileiro de Descontos, that is 'Brazilian Discount Bank', is one of the Big Four banks in Brazil, the others being Banco do Brasil, Banco Itaú and Unibanco. Bradesco is the largest private bank in Brazil. : Long-term local currency rating upgraded to 'BB', Outlook Stable from 'B+'; individual rating of 'C'; support rating of '4'; long-term foreign currency of 'B+', Outlook Stable; and short-term foreign and local currency ratings of 'B' are affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. . Banco Itau Holding Financeira: Long-term local currency rating upgraded to 'BB', Outlook Stable from 'B+'; individual rating of 'C'; support rating of '4'; long-term foreign currency of 'B+', Outlook Stable; and short-term foreign and local currency ratings of 'B' are affirmed. Banco Itau: Long-term local currency rating upgraded to 'BB', Outlook Stable from 'B+'; individual rating of 'C'; support rating of '4'; long-term foreign currency of 'B+', Outlook Stable; and short-term foreign and local currency ratings of 'B' are affirmed. Banco do Brasil Banco do Brasil S.A. is a major Brazilian bank headquartered in Brasília. The bank was founded in 1808 and is the oldest surviving bank in Brazil — one of the oldest of Latin America. : Long-term local currency rating upgraded to 'BB-', Outlook Stable from 'B+'; individual rating of 'C/D'; support rating of '4'; long-term foreign currency of 'B+', Outlook Stable; and short-term foreign and local currency ratings of 'B' are affirmed. Banco Safra Banco Safra S.A. is a notable and respected player in the Brazilian and international banking sector, ranking sixth among the country’s largest private sector financial institutions in terms of total assets. : Long-term local currency rating upgraded to 'BB-', Outlook Stable from 'B+'; individual rating of 'C'; support rating of '4'; long-term foreign currency of 'B+', Outlook Stable; and short-term foreign and local currency ratings of 'B' are affirmed. Unibanco: Long-term local currency rating upgraded to 'BB-', Outlook Stable from 'B+'; individual rating of 'C'; support rating of '4'; long-term foreign currency of 'B+', Outlook Stable; and short-term foreign and local currency ratings of 'B' are affirmed. Banco do Estado de Sao Paulo (Banespa): Long-term local currency rating upgraded to 'BB', Outlook Stable from 'B+'; individual rating of 'C'; support rating of '4'; long-term foreign currency of 'B+', Outlook Stable; and short-term foreign and local currency ratings of 'B' are affirmed. Banco Santander Brasil: Long-term local currency rating upgraded to 'BB', Outlook Stable from 'B+'; individual rating of 'C/D'; support rating of '4'; long-term foreign currency of 'B+', Outlook Stable; and short-term foreign and local currency ratings of 'B' are affirmed. Banco Santander Meridional me·rid·i·o·nal adj. Of or relating to meridians or a meridian. : Long-term local currency rating upgraded to 'BB', Outlook Stable from 'B+'; individual rating of 'D'; support rating of '4'; long-term foreign currency of 'B+', Outlook Stable; and short-term foreign and local currency ratings of 'B' are affirmed. The long-term local currency ratings of Banespa, Banco Santander Brasil, and Banco Santander Meridional are based principally on the potential support available from their ultimate parent, Banco Santander Central Hispano. The long-term local currency ratings of the Banco Bradesco, Banco Itau, Banco Unibanco, and Banco Safra reflect the bank's intrinsic intrinsic /in·trin·sic/ (in-trin´sik) situated entirely within or pertaining exclusively to a part. in·trin·sic adj. 1. Of or relating to the essential nature of a thing. 2. financial strengths, as evident in their individual ratings, and the long-term local currency rating of Banco do Brasil reflects its predominant pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. position in Brazil's financial system, as well as its much improved financial performance over recent years (see a separate press release for further details on Banco do Brasil). Contacts: Rafael Guedes +5511 4504 2608, Sao Paulo, Maria Rita Maria Rita (born September 19 1977 in São Paulo, Brazil) is the performance name of Maria Rita Mariano, a Brazilian singer. She is the daughter of famed pianist/arranger César Camargo Mariano and the late Brazilian singing legend Elis Regina and sister to Pedro Mariano. Goncalves +5521 4503 2621, Rio de Janeiro Rio de Janeiro, city, Brazil Rio de Janeiro (rē`ō də zhänā`rō, Port. rē`  thĭ zhənĕē`r , Peter Shaw, +1-212-908-0553, New York. Indonesia: Bank Buana Indonesia: Long-term local currency rating upgraded to 'BB-', Outlook Stable from 'B+'; individual rating of 'C'; support rating of '5'; long-term foreign currency of 'B+', Outlook Stable; and short-term foreign and local currency ratings of 'B' are affirmed. Bank Nisp: Long-term local currency rating upgraded to 'BB-', Outlook Stable from 'B+'; individual rating of 'C'; support rating of '5'; long-term foreign currency of 'B+', Outlook Stable; and short-term foreign and local currency ratings of 'B' are affirmed. The long-term local currency ratings of both banks are based on their intrinsic financial strength, as evident in their individual ratings. Contact: Peter Tebbutt +852 2263 9966 or David Marshall David Marshall may refer to:
Mexico: Banco Nacional Banco Nacional was a bank from Brazil. It was taken over by Unibanco in 1995. The Nacional brand is better known as main sponsor of Ayrton Senna during most of his racing career in Formula 1 (1985-1994). de Mexico (Banamex): Long-term local currency rating upgraded to 'A-', Outlook Stable from 'BBB+'; individual rating of 'C'; support rating of '2'; long-term foreign currency of 'BBB-', Outlook Stable; short-term foreign currency rating of 'F3'; and short-term local currency ratings of 'F2' are affirmed. BBVA Bancomer BBVA Bancomer is the largest financial institution in Mexico, dominating about 20% of the market. History Founded in 1932 in Mexico City as Banco de Comercio (English: Commerce Bank) (Bancomer). : Long-term local currency rating upgraded to 'BBB+', Outlook Stable from 'BBB'; individual rating of 'C'; support rating of '2'; long-term foreign currency of 'BBB-', Outlook Stable; short-term foreign currency rating of 'F3'; and short-term local currency ratings of 'F2' are affirmed. Banco Santander Mexicano: Long-term local currency rating upgraded to 'BBB+', Outlook Stable from 'BBB'; individual rating of 'C'; support rating of '2'; long-term foreign currency of 'BBB-', Outlook Stable; short-term foreign currency rating of 'F3'; and short-term local currency ratings of 'F2' are affirmed. Banca Serfin: Long-term local currency rating upgraded to 'BBB+', Outlook Stable from 'BBB'; individual rating of 'C'; support rating of '2'; long-term foreign currency of 'BBB-', Outlook Stable; short-term foreign currency rating of 'F3'; and short-term local currency ratings of 'F2' are affirmed. The local-currency long-term ratings of these banks are based primarily on the potential support of their respective owners. The degree of uplift is somewhat limited by still high exposure to the government and room for improvement in sustainable financial performance. Contacts: Gustavo Lopez-Cortes +1-212 908 0853 or Akiko Kudo ku·do n. pl. ku·dos Usage Problem A praising remark; an accolade or compliment: "Children's book author Virginia Hamilton added another kudo to her prize-laden career" +1-212-908-0819, New York, Aurelio Cavazos or Alejandro Garcia +5281 8335 7179, Monterrey. Turkey: Akbank: Long-term local currency rating upgraded to 'BB', Outlook Stable from 'BB-'; individual rating of 'C'; support rating of '4'; long-term foreign currency of 'B+', Outlook Stable; and short-term foreign and local currency ratings of 'B' are affirmed. HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) Bank A.S.: Long-term local currency rating upgraded to 'BB', Outlook Stable from 'B+'; support rating of '4'; long-term foreign currency of 'B+', Outlook Stable; and short-term foreign currency rating of 'B' are affirmed. Kocbank A.S.: Long-term local currency rating upgraded to 'BB', Outlook Stable from 'B+'; individual rating of 'C'; support rating of '4'; long-term foreign currency of 'B+', Outlook Stable; and short-term foreign and local currency ratings of 'B' are affirmed. The long-term local currency rating of Akbank is based primarily on its intrinsic financial strength, as evident in its individual rating. The long-term local currency ratings of HSBC Bank and Kocbank are based primarily on the potential support available from their respective owners. Contact: Ed Thompson Ed Thompson (born December 25, 1944, in Elroy, Wisconsin) was the United States Libertarian Party candidate for Governor of Wisconsin in 2002 . He received 11% of the vote. He was elected mayor of Tomah, Wisconsin, in April, 2000, with 58% of the vote. +1-212-908-0364, New York, Banu Saracci +44207 417 4373, London, Botan Berker or Gulcin Orgun +90212 279 1065, Istanbul. |
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