Research Update: Banco do Brasil Ratings Raised To BBB/A-3 From 'BBB-/A-3', Outlook Stable, On Sovereign Upgrade Nov 11

Standard & Poors, November 2011

Abstract
Earlier today, we raised the foreign currency sovereign credit rating to 'BBB/A-3' from 'BBB-/A-3' and local currency sovereign rating to 'A-/A-2' from 'BBB+/A-3' on Brazil. We are raising our global scale ratings on Banco do Brasil S.A. to 'BBB/A-3' from 'BBB-/A-3'.At the same time, we affirmed our 'brAAA' national scale counterparty credit ratings on its core subsidiary, Ativos S.A. Securitizadora de Creditos Financeiros. The upgrade of the bank reflects our belief that it has a very high likelihood of receiving extraordinary governmental support in case of need. On Nov. 17, 2011, Standard & Poor's Ratings Services raised the global scale ratings on Banco do Brasil S.A. (BdB) to 'BBB/A-3' from 'BBB-/A-3'. The outlook is stable. The rating action on BdB...

Companies mentioned in this report are: Banco do Brasil S.A,Ativos S.A. Securitizadora de Creditos Financeiros
Action: Outlook: Stable
Action: Upgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Banco do Brasil S.A,Ativos S.A. Securitizadora de Creditos Financeiros

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