Banco Nacional de Desenvolvimento Econômico e Social Local Currency Outlook Revised To Positive, Ratings Affirmed Sep 11

Standard & Poors, September 2011

Abstract
On Aug. 25, 2011, we revised our outlook on the local currency sovereign rating on Brazil to positive from stable, based on our updated methodology and assumptions for rating sovereign governments, which we published on June 30, 2011. We are revising our outlook on the local currency rating on BNDES to positive from stable, while affirming our 'BBB+' local currency and 'BBB-' foreign currency counterparty credit ratings on the bank. Because we believe that extraordinary support to BNDES is almost certain, our foreign and local currency ratings on the company are the same as those on the sovereign. BUENOS AIRES (Standard & Poor's) Sept. 13, 2011--Standard & Poor's Ratings Services said today that it revised its outlook on the local...

Companies mentioned in this report are:
- Banco Nacional de Desenvolvimento Economico e Social
- Brazil (Federative Republic of)
- BNDESPar-BNDES Participacoes S.A.

Action: Affirmed
Action: Outlook: Positive

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Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Banco Nacional de Desenvolvimento Economico e Social
- Brazil (Federative Republic of)
- BNDESPar-BNDES Participacoes S.A.

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