---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      L A T I N  A M E R I C A

            Thursday, September 24, 2009, Vol. 10, No. 189

                            Headlines

A R G E N T I N A

ARCOS DORADOS: To Sell US$450 Million Bonds Overseas
COMPATIA EXHIBIDORA: Creditors' Proofs of Debt Due on October 9
DARIO AYALA: Creditors' Proofs of Debt Due on November 13
HIGH Q: Creditors' Proofs of Debt Due on November 17
NUEVO BANCO: Moody's Withdraws 'E+' Bank Financial Strength Rating

NUTRIPAC SA: Creditors' Proofs of Debt Due on November 25


B E R M U D A

CL FINANCIAL: BAICO Clients Urged to Sign Up With Argus Group


B R A Z I L

BANCO ABC: Moody's Upgrades LT For. Cur. Deposit Rating From Ba2
BANCO BBM: Moody's Upgrades LT For. Cur. Deposit Rating to Ba1
BANCO BGN: Moody's Upgrades LT For. Cur. Deposit Rating to Ba1
BANCO BRADESCO: Moody's Upgrades For. Cur. Deposit Rating From Ba2
BANCO CITIBANK: Moody's Upgrades For. Cur. Deposit Rating From Ba2

BANCO DO BRASIL: Moody's Ups For. Cur. Deposit Rating From Ba2
BANCO IBI: Moody's Upgrades LT For. Cur. Deposit Rating From Ba2
BANCO INDUSTRIAL: Moody's Upgrades For. Cur. Deposit Rating to Ba1
BANCO ITAU BBA: Moody's Upgrades For. Cur. Deposit Rating From Ba2
BANCO NACIONAL: Moody's Upgrades For. Cur. Deposit Rating From Ba2

BANCO NOSSA: Moody's Upgrades LT For. Cur. Deposit Rating From Ba2
BANCO SAFRA: Moody's Upgrades LT For. Cur. Deposit Rating From Ba2
BANCO SANTANDER (BRASIL): Moody's Ups Deposit Rating From Ba2
BANCO SOFISA: Moody's Upgrades LT For. Cur. Deposit Rating to Ba1
BANCO VOTORANTIM: Moody's Ups For. Cur. Deposit Rating From Ba2

BES INVESTIMENTO: Moody's Ups LT For. Cur. Deposit Rating From Ba2
BRACOL HOLDING: Moody's Retains Review on 'B1' Senior Ratings
CAMARGO CORREA: S&P Affirms 'BB' Long-Term Corporate Credit Rating
CAIXA ECONOMICA: Moody's Ups For. Cur. Deposit Rating From Ba2
COMPANHIA SIDERURGICA: Raised to ‘Equalweight’ at Morgan Stanley

GOL LINHAS: To Raise Capital Through Share Offer
HSBC BANK BRASIL: Moody's Ups For. Cur. Deposit Rating From Ba2
INDEPENDENCIA SA: S&P Withdraws 'D' Corporate Credit Rating
ING BANK: Moody's Upgrades LT For. Cur. Deposit Rating From Ba2
ITAU UNIBANCO: Moody's Upgrades For. Cur. Deposit Rating From Ba2

ITAU UNIBANCO (CAYMAN): Moody's Upgrades Deposit Rating From Ba2
MARFRIG ALIMENTOS: To Boost Output; Mulls US$2.3BB Stock Sale
MARFRIG ALIMENTOS: Plans to Buy 51% Stake in Zenda for US$49.5MM
UNIAO DE BANCOS: Moody's Ups For. Cur. Deposit Rating From Ba2
* BRAZIL: Moody's Upgrades Government Bond Rating From 'Ba1'


C A Y M A N  I S L A N D S

BLUEHAVEN LIMITED: Creditors' Proofs of Debt Due on September 30
BLUEHAVEN MASTER: Creditors' Proofs of Debt Due on September 30
CT MEZZANINE: Member to Receive Wind-Up Report on September 28
DILLON READ: Creditors' Proofs of Debt Due on September 30
FILM FINANCE: Creditors' Proofs of Debt Due on September 30

GOLDMAN SACHS: Creditors' Proofs of Debt Due on September 30
INVESTCORP ENERGY: In Liquidation; Shareholder Meeting on Oct. 19
ION US QUANT FEEDER: Placed Into Voluntary Liquidation
ION US QUANT FUND: Placed Into Voluntary Liquidation
K CAPITAL: Shareholder to Receive Wind-Up Report on September 30

MAXIMUS FUND: In Liquidation; Shareholder Meeting on Sept. 30
MIOKI FUND: Placed Into Voluntary Liquidation
MS APPAREL: Proofs of Claim Due September 30
MS APPAREL II: Proofs of Claim Due September 30
MS APPAREL: Members to Receive Wind-Up Report on September 30

MS APPAREL: Members to Receive Wind-Up Report on September 30
MYRIAD DYNAMIC: Placed Into Voluntary Liquidation
MYRIAD MARKET: Placed Into Voluntary Liquidation
NOVA INSURANCE: Creditors' Proofs of Debt Due on September 30
POD HOLDING: Creditors' Proofs of Debt Due on September 30

POKROVSKY HILLS: Creditors' Proofs of Debt Due on September 30
SAMURAI FUND: Creditors' Proofs of Debt Due on September 30
SAMURAI MASTER: Creditors' Proofs of Debt Due on September 30
WELLAM ASIAN: In Liquidation; Shareholder Meeting on Oct. 1


C H I L E

COMPANIA SUD: S&P Affirms Corporate Credit Rating at 'B-'
COMPANIA SUD: S&P Affirms 'B-' Corporate Credit Rating


C O L O M B I A

ECOPETROL SA: Colombia to Sell 10% Stake to Fund US$5.2BB Project
* COLOMBIA: Central Bank Sees GDP to Grow 2%-3% in 2010
* COLOMBIA: To Sell Ecopetrol Stake in US$5.2 Billion Plan


D O M I N I C A N  R E P U B L I C

AES DOMINICANA: Gov't to Pay US$10.5 Million Debt to Firm


E C U A D O R

PERENCO ECUADOR: Petroecuador Will Ask to Cancel Contract


H O N D U R A S

* HONDURAS: Curfew Costs Economy US$50 Million Daily


J A M A I C A

AIR JAMAICA: Government to Sign off on Airline's Divestment
AIR JAMAICA: Union Asks Management Regarding Planned Layoffs
CABLE & WIRELESS: LIME Jamaica Appoints Marguerite Cremin as CMO
SUGAR COMPANY: Under Probe for Breaching Several Protocols


M E X I C O

CEMEX SAB: Prices 1.3 Billion CPO Global Offering
CORPORACION INTERAMERICANA: Moody's Reviews B2 Corp. Family Rating


P A R A G U A Y

* PARAGUAY: Executes Four New Energy Agreements With Venezuela


P E R U

BANCO DE CREDITO: Buys 77.2% Shares of Financiera Edyficar


U R U G U A Y

URUGUAY: Fitch Assigns Long-Term Foreign Currency Rating at 'BB-'


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Mulls Anadarko Venezuela Acquisition
PETROLEOS DE VENEZUELA: Threatens ConocoPhillips With Lawsuit
PETROLEOS DE VENEZUELA: To Review Oil-Block Proposals
PETROLEOS DE VENEZUELA: Inks Pipeline Project With Transneft
* VENEZUELA: Executes Four New Energy Agreements With Paraguay


                         - - - - -


=================
A R G E N T I N A
=================


ARCOS DORADOS: To Sell US$450 Million Bonds Overseas
----------------------------------------------------
Veronica Navarro Espinosa at Bloomberg News, citing an unnamed
source, reports that Arcos Dorados will sell US$450 million of
bonds in overseas this week.  The report relates that the notes
may yield about 8%.

According to the report, Bank of America Corp., Merrill Lynch and
Morgan Stanley are managing the sale.

A separate Bloomberg News relates that the bond offering will be
benchmark in size, which typically means at least US$500 million.

Bloomberg News notes that Arcos Dorados’ bond sale is part of a
push by Latin American companies to sell debt in international
credit markets as growing demand for higher-yielding assets lowers
borrowing costs.

                      About Arcos Dorados

Headquartered in Buenos Aires, Argentina, with legal domicile in
the Netherlands, Arcos Dorados is the leading quick
service restaurant operator in Latin America and the Caribbean and
McDonald's largest franchisee globally in terms of systemwide
sales and restaurant count.  As of June 30, 2009, the company
indirectly owned and operated or franchised 1,660 McDonald's-
branded restaurants.  For the 12 months ended June 30, 2009, the
company's revenues reached US$2.51 billion.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2009, Moody's Investors Service has assigned a
provisional (P)Ba2 rating  to Arcos Dorados' proposed US$450
million in senior unsecured global notes due in 2019.  At the same
time, Moody's has assigned a provisional (P)Ba2 Corporate Family
rating to Arcos Dorados.  The ratings outlook is stable.


COMPATIA EXHIBIDORA: Creditors' Proofs of Debt Due on October 9
---------------------------------------------------------------
The court-appointed trustee for Compatia Exhibidora
Cinematografica Los Angeles S.R.L.'s reorganization proceedings,
will be verifying creditors' proofs of claim until October 9,
2009.

The trustee will present the validated claims in court as
individual reports on December 4, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
February 17, 2010.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 29, 2010.


DARIO AYALA: Creditors' Proofs of Debt Due on November 13
---------------------------------------------------------
Ida Nussenbaum, the court-appointed trustee for Dario Ayala
Peluqueria SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until November 13, 2009.

Ms. Nussenbaum will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Ida Nussenbaum
          Lavalle 2024
          Argentina


HIGH Q: Creditors' Proofs of Debt Due on November 17
----------------------------------------------------
Dora Magdalena Paiva, the court-appointed trustee for High Q
Argentina SA's reorganization proceedings, will be verifying
creditors' proofs of claim until November 17, 2009.

Ms. Paiva will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 8 in
Buenos Aires, with the assistance of Clerk No. 16, will determine
if the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will be
raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on July 8, 2010.

The Trustee can be reached at:

          Dora Magdalena Paiva
          Rivadavia 986
          Argentina


NUEVO BANCO: Moody's Withdraws 'E+' Bank Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
Nuevo Banco Industrial de Azul for business reasons.

NBIA has no rated foreign currency debt outstanding.

Nuevo Banco Industrial de Azul S.A., located in Buenos Aires,
Argentina, had ARG1.741 million in assets and ARG 208 million in
equity as of June 30, 2009.

These ratings of NBIA were withdrawn:

* Bank Financial Strength Rating: E+, stable outlook

* Global Long-Term Local-Currency Deposit Rating: B1, stable
  outlook

* Global Short-Term Local Currency Deposit Rating: Not Prime,
  stable outlook

* National Scale Local Currency Deposit Rating: Aa2.ar, stable
  outlook

* Global Long-Term Foreign Currency Deposit Rating: Caa1, stable
  outlook

* Global Short-Term Foreign Currency Deposit Rating: Not Prime,
  stable outlook

* National Scale Foreign Currency Deposit Rating: Ba1.ar, stable
  outlook


NUTRIPAC SA: Creditors' Proofs of Debt Due on November 25
---------------------------------------------------------
Juan Carlos Chaker, the court-appointed trustee for Nutripac SA's
reorganization proceedings, will be verifying creditors' proofs of
claim until November 25, 2009.

Mr. Chaker will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 37, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and


=============
B E R M U D A
=============


CL FINANCIAL: BAICO Clients Urged to Sign Up With Argus Group
-------------------------------------------------------------
KPMG Advisory Ltd. -- the court-appointed official receiver of
British American Insurance Company's Bermuda branch -- is urging
health policyholders of British American Insurance Company to swap
their existing policies for an Argus Group health policy, Alex
Wright at The Royal Gazette reports.

As reported in the Troubled Company Reporter-Latin America on
August 7, 2009, The Royal Gazette said KPMG Advisory will proceed
with the liquidation of BAICO's Bermuda branch following the
Bermuda Monetary Authority's statement that it had started winding
up proceedings against the company in the Supreme Court.
According to the Gazette, BMA's move was aimed to protect its
customers in light of “the continuing severe financial
difficulties” faced by BAICO and its parent, CL Financial Group.

According to the Gazette, the Argus Group signed a deal to take on
around 500 of BAICO's health insurance policyholders, while
efforts are also underway to find a solution for the approximately
4,000 life insurance clients of British American.  The report
relates that under the terms of the agreement, health policy
clients will have the opportunity to keep their policies with the
same benefits, terms and conditions as they had with British
American, but the offer to change over their contracts will only
be available until Wednesday, September 30.

The Gazette notes that after September 30, KPMG can not guarantee
that those health policyholders who have not exchanged their
policies will continue to receive any health insurance cover.

KPMG, the report points out, revealed that to date a significant
proportion of BAICO health policy clients had not yet exchanged
their existing policy for an Argus health policy.

A press statement released by the receiver stated that these steps
are required for Health insurance policyholders who wish to
transfer to Argus Group:

   -- British American health policyholders are required to go
      to the British American office, located on the ground
      floor of the British American Building at 133 Front St.,
      Hamilton between the hours of 8.30 a.m. and 4.00 p.m
      before Wednesday, September 30, 2009.

   -- Policyholders need to bring with them proof of
      insurance coverage.

   -- Policyholders will be required to verify their personal
      information and mailing address and will receive an
      information pack from Argus.

   -- In due course, policyholders will receive a new Argus
      policy and certificate of medical insurance.

   -- If premiums are outstanding on active policies,
      policyholders should bring their policy up to date at
      this time.

Until October 1, 2008, policyholders should continue to present
their British American identification card when visiting
the hospital or other service providers to obtain treatment.
Policyholders should continue to remit premium payments
and send claims forms to British American during the month of
September and to Argus from October 1, 2009.

Any health insurance policyholder who does not wish to substitute
their policy by October 1, 2009 will no longer be
covered by British American.

                       About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. has downgraded the financial
strength rating to C (Weak) from B (Fair) and issuer credit rating
to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


===========
B R A Z I L
===========


BANCO ABC: Moody's Upgrades LT For. Cur. Deposit Rating From Ba2
----------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


BANCO BBM: Moody's Upgrades LT For. Cur. Deposit Rating to Ba1
--------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


BANCO BGN: Moody's Upgrades LT For. Cur. Deposit Rating to Ba1
--------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


BANCO BRADESCO: Moody's Upgrades For. Cur. Deposit Rating From Ba2
------------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


BANCO CITIBANK: Moody's Upgrades For. Cur. Deposit Rating From Ba2
------------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


BANCO DO BRASIL: Moody's Ups For. Cur. Deposit Rating From Ba2
--------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


BANCO IBI: Moody's Upgrades LT For. Cur. Deposit Rating From Ba2
----------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


BANCO INDUSTRIAL: Moody's Upgrades For. Cur. Deposit Rating to Ba1
------------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


BANCO ITAU BBA: Moody's Upgrades For. Cur. Deposit Rating From Ba2
------------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


BANCO NACIONAL: Moody's Upgrades For. Cur. Deposit Rating From Ba2
------------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


BANCO NOSSA: Moody's Upgrades LT For. Cur. Deposit Rating From Ba2
------------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


BANCO SAFRA: Moody's Upgrades LT For. Cur. Deposit Rating From Ba2
------------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


BANCO SANTANDER (BRASIL): Moody's Ups Deposit Rating From Ba2
-------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


BANCO SOFISA: Moody's Upgrades LT For. Cur. Deposit Rating to Ba1
-----------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


BANCO VOTORANTIM: Moody's Ups For. Cur. Deposit Rating From Ba2
---------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


BES INVESTIMENTO: Moody's Ups LT For. Cur. Deposit Rating From Ba2
------------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


BRACOL HOLDING: Moody's Retains Review on 'B1' Senior Ratings
-------------------------------------------------------------
Moody's B1 local currency family and guaranteed senior unsecured
ratings for Bracol Holding Ltda., 72% owner of Bertin S.A.
(unrated), will continue under review for possible downgrade until
the final closing of Bertin's planned association with JBS S.A.
(B1/positive), which is a share-swap transaction involving no
initial cash disbursement.  The association is subject to JBS's
completion of its due diligence process and the Brazilian
government's anti-trust approval, which are both expected by year-
end 2009.

The review will continue to focus on Bracol's operating
performance and liquidity profile, as well as its ability to
better manage working capital outflows and generate positive cash
flow from operations on a sustainable basis.  Given the pending
association of Bertin and JBS, the review will also focus on
structural considerations for the US$350 million rated senior
unsecured bond due in 2016, which is currently guaranteed by
Bracol.

JBS has entered into an association agreement with Bertin where
both controlling shareholders will contribute the totality of its
shares to a new holding company that will become the new
controlling shareholder of JBS with an estimated stake of 60%.  In
the proposed structure, Bertin would hold approximately 40% of the
new holding company and both companies are expected to generate
annual synergies of approximately BRL 500 million, according to
JBS's management.

Since year-end 2008, Bracol's debt in local currency terms has
dropped substantially due to valuation of the Brazilian Real
against the U.S. Dollar.  EBITDA on a last twelve month basis has
also improved, from BRL921 million in the last twelve months
ending on June 30, 2008, to BRL1.32 billion in the same period
ending on June 30, 2009.  This combination of factors has resulted
in a drop in Bracol's leverage from 6.1 times Debt to EBITDA at
the end of FY 2008 to 4.2 times as of the last twelve month period
ending on June 30, 2009.  However, during the same period,
Bracol's cash has dropped from BRL2.7 billion to BRL990 million,
with only about BRL600 million used for debt reduction, while the
balance of the drop was caused by negative free cash flow driven
by working capital needs, dividends and capital expenditures.

Ratings under review for possible downgrade:

  -- Bracol Holding Ltda.'s Corporate Family Rating: B1

  -- US$350 million 10.25% senior unsecured guaranteed notes due
    2016: B1

Vigor's B2 rating and stable outlook remain unchanged at this
point in time.  Vigor is a wholly owned subsidiary of Bertin.

Moody's last rating action on Bracol was on June 23, 2009, when
Moody's placed the company's B1 ratings under review for possible
downgrade, primarily due to a weaker liquidity profile due to it
lower cash balances observed at the end of its first quarter ended
in March 31, 2009, due to substantial outflows related to: high
working capital needs, capital expenditures, dividend payout and
debt servicing.

Bracol Holding Ltda., headquartered in Lins, SP, Brazil, is an
operational holding company that controls Bertin and also owns
cattle feeding operations, biodiesel plants, industrial hygiene
and cleaning products, production of animal feed, general labor
services to third parties and lease of machinery and equipment.

Bertin S.A., headquartered in Sao Paulo, SP, Brazil, is one of the
largest beef processing and leather exporting companies in Latin
America.  In addition, the company also produces a diverse range
of dairy and vegetable oil products, hygiene, beauty and pet
products.


CAMARGO CORREA: S&P Affirms 'BB' Long-Term Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB'
long-term corporate credit rating on Camargo Correa S.A. and on
CCSA's cement company Camargo Correa Cimentos S.A. (CCC).  S&P
removed the ratings from CreditWatch Negative where they were
placed Feb. 2, 2009.  The outlook is negative.

The rating action follows CCSA's acquisition of the remaining
stake in VBC Energia S.A., which in turn has a 26% controlling
stake in CPFL Energia S.A.  "S&P believes this acquisition
improves CCSA's business profile because the energy-distribution
business provides somewhat resilient and predictable cash
generation," said Standard & Poor's credit analyst Marcelo
Schwarz.  CCSA paid Brazilian reais (R$) 375 million to Votorantim
Participações in February 2009 and financed the remaining
R$1.6 billion through a 10-year private placement of debentures in
June 2009, which S&P assumes it will repay with VBC's dividend
stream.  S&P assumes the Camargo Correa group will maintain a
sizable investment program in the coming years, preventing it from
improving its credit metrics significantly.  Nevertheless, S&P
believes the group benefits from noncore assets that could be
divested to boost liquidity.

CCSA is the Camargo Correa group's main holding company, with
investments in a wide range of businesses, including cement,
textile, footwear, home and heavy construction, and road and power
concessions.

The ratings on CCC reflect mainly the group's proven financial
support to fund CCC working capital and debt amortization
requirements.  Besides the operational cash flow, CCC also
receives relevant dividend inflows from equity investments (namely
Itaúsa and Usiminas).

The negative outlook reflects S&P's expectation that CCSA's
sizable programmed capital expenditures and its historical
acquisitive strategy may prevent the group from reducing its
leverage significantly, especially in a still-challenging economic
scenario, even considering its improved business profile after the
VBC acquisition.

S&P could lower the ratings if the group's financial policy
deteriorates to a more aggressive leverage, leading to a total
debt-to-EBITDA ratio significantly above 4.0x in 2010.  A stable
outlook will depend on CCSA's ability to strengthen the combined
credit quality of its business portfolio by improving the
operating profitability, and reporting more robust credit metrics,
such as a total gross debt-to-EBITDA ratio of around 3.5x by year-
end 2009.  S&P currently sees a positive revision of the ratings
as unlikely.  The outlook for CCC is also negative, in line with
the rating on CCSA.


CAIXA ECONOMICA: Moody's Ups For. Cur. Deposit Rating From Ba2
--------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


COMPANHIA SIDERURGICA: Raised to ‘Equalweight’ at Morgan Stanley
----------------------------------------------------------------
Stephen Kirkland at Bloomberg News reports that Companhia
Siderurgica Nacional S.A. was raised to “equal- weight” from
“underweight” yesterday, September23, 2009, at Morgan Stanley.

According to the report, Morgan Stanley also increased its price
estimate on the company's stock to BRL60 from BRL47.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                         *     *     *

As of July 1, 2009, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.


GOL LINHAS: To Raise Capital Through Share Offer
------------------------------------------------
GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A.
said it plans to raise capital through a public share
subscription, Eduardo Simoes at Reuters reports.

According to the report, the company said that it would issue
17.275 million common shares and the same number of preferred
shares.  The report relates that the company could add preferred
shares up to an equivalent of 20% of the main offer.

Reuters notes that the company gave no price or date for the
offer.

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 31, 2009, Fitch Ratings affirmed Gol Linhas Aereas
Inteligentes S.A.'s ratings:

  -- Foreign and Local Currency long-term Issuer Default Ratings
     at 'B+';

  -- Long-term National Rating at 'BBB(bra)';

  -- US$200 million perpetual notes at 'B/RR5';

  -- US$200 million senior notes due 2017 at 'B/RR5'.


HSBC BANK BRASIL: Moody's Ups For. Cur. Deposit Rating From Ba2
---------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


INDEPENDENCIA SA: S&P Withdraws 'D' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has withdrawn its
'D' corporate credit rating on Independencia S.A., as well as the
senior unsecured rating on Independencia International Ltd. At the
time of withdrawal, the 'D' rating reflected company's overall
debt renegotiation.  The ratings were lowered to 'D' on March 2,
2009, following Independencia's request for reorganization
proceedings under the Brazilian bankruptcy law.  Since then, the
company has been negotiating with creditors and suppliers and, on
July 14, 2009, it submitted a reorganization plan to the Court, to
which Independencia's creditors have submitted their objections.


ING BANK: Moody's Upgrades LT For. Cur. Deposit Rating From Ba2
---------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


ITAU UNIBANCO: Moody's Upgrades For. Cur. Deposit Rating From Ba2
-----------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


ITAU UNIBANCO (CAYMAN): Moody's Upgrades Deposit Rating From Ba2
----------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


MARFRIG ALIMENTOS: To Boost Output; Mulls US$2.3BB Stock Sale
-------------------------------------------------------------
Carlos Caminada and Francisco Marcelino at Bloomberg News report
that Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) will boost capacity by 41%
and may sell as much as BRL4.08 billion (US$2.3 billion) worth of
stock as it vies with JBS SA to win market share.  JBS SA has
agreed to buy control of Brazilian rival Bertin SA, and buy
bankrupt poultry processor Pilgrim’s Pride Corp. in the U.S.

Rogerio Jelmayer at Dow Jones Newswires says that Marfrig
Alimentos's board authorized the company to hold a primary
offering of shares on the local exchange, the BMFBovespa.  The
report relates that Banco Bradesco BBI, Banco Santander, BB
Investimentos, Credit Suisse and Banco Itau BBA were hired to
coordinate the operation.

According to Bloomberg News, Banco Bradesco SA unit will manage
the sale of as many as 232 million voting shares, almost doubling
its current 267.9 million.

Marfrig Alimentos, Bloomberg News says, will boost its global
cattle-slaughtering capacity by 8,800 animals a day to 30,150, and
lease 11 units from Brazilian meatpackers Frigorificos Margen SA
and Mercosul SA.

As reported in the Troubled Company Reporter-Latin America on
September 16, 2009, Dow Jones Newswires said that Marfrig
Alimentos agreed to acquire Cargill Inc.'s Brazilian business, for
US$900 million in cash and assumed debt, a move to bolster the
company's poultry and pork businesses while opening up better
access to markets such as the U.K. and Japan.  The report related
that Marfrig said it will buy the unit, called Seara Alimentos
Ltd., for US$706.2 million in cash and US$193.8 million in assumed
debt.  The report said that Mafrig Alimentos said that it may sell
new shares in order to finance the acquisition, which it expects
to complete by  year's end.

                     About Marfrig Alimentos

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Standard & Poor's Ratings Services affirmed
its 'B+' corporate credit rating on Brazil-based meat processor
Marfrig Alimentos S.A. following Marfrig's announcement that it
has acquired meat processor Seara Alimentos Ltda. and its
subsidiaries in Brazil and Europe from Minnetonka-based Cargill
Inc. for US$706.2 million in cash plus US$193.8 million in debt.
The outlook is negative.


MARFRIG ALIMENTOS: Plans to Buy 51% Stake in Zenda for US$49.5MM
----------------------------------------------------------------
Marfrig Alimentos SA said it has struck a deal to buy a 51% stake
in Uruguay-based leather producer Zenda for US$49.5 million, Inae
Riveras at Reuters reports.

According to the report, Zenda, which in 2008 had a turnover of
around US$177 million, can process up to 7,000 cut and finished
high-quality leathers per day.

Brazil-based Marfrig Alimentos SA (formerly known as Marfrig
Frigoroficos e Comercio de Alimentos) processes beef, pork, lamb,
and poultry; and produces frozen vegetables, canned meats, fish,
ready meals, and pasta.  The company operates in Southern America,
the united states, and Europe.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 18, 2009, Standard & Poor's Ratings Services affirmed
its 'B+' corporate credit rating on Brazil-based meat processor
Marfrig Alimentos S.A. following Marfrig's announcement that it
has acquired meat processor Seara Alimentos Ltda. and its
subsidiaries in Brazil and Europe from Minnetonka-based Cargill
Inc. for US$706.2 million in cash plus US$193.8 million in debt.
The outlook is negative.


UNIAO DE BANCOS: Moody's Ups For. Cur. Deposit Rating From Ba2
--------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency deposit
ratings and the foreign currency bond ratings of certain Brazilian
banks.  These rating actions followed Moody's conclusion of the
review for possible upgrade of Brazil's country ceilings for
foreign currency bonds and deposits that had been announced on
July 6, 2009.

Moody's upgraded Brazil's foreign currency debt ceiling to Baa2
from Baa3 and lifted the nation's foreign currency deposit ceiling
to Baa3 from Ba2 -- each with a positive outlook.

The agency noted that the actions on the deposit and bond ratings
of the banks had no effect on their financial strength ratings, or
on their local-currency deposit ratings, or on their respective
outlooks.

The foreign currency deposit ratings of Banco BBM, Banco BGN,
Banco Industrial e Comercial, Banco Sofisa, and Banco ABC Brasil
are no longer constrained by the country ceiling for foreign
currency deposit because they are at the same levels as the banks'
respective local- currency deposit ratings.  The outlook on each
of those ratings is stable.

The specific ratings changes are:

Banco BBM S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco BGN S.A.:

  -- Long-term foreign-currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Industrial e Comercial S.A - BICBANCO:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco Sofisa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Ba1
     from Ba2, with stable outlook

  -- Short-term foreign-currency deposit rating: remain unchanged
     at Not Prime

Banco ABC Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with stable outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Bradesco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (Grand Cayman Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Bradesco S.A. (New York Branch):

  -- Long-term foreign currency senior unsecured rating: upgraded
     to Baa2 from Baa3, with positive outlook

Banco ibi S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Citibank S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Safra S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander (Brasil) S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Santander S.A. (Cayman Branch):

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Votorantim S.A. (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Banco do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco do Brasil S.A. (Cayman Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Nossa Caixa S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Banco Nacional de Desenvolvimento Economico e Social S.A.
(BNDES):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

BES Investimento do Brasil S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with stable outlook

  -- Short-term foreign-currency bond rating: remain unchanged at
     Prime-3

Caixa Economica Federal:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

HSBC Bank Brasil S.A. - Banco Multiplo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

ING Bank N.V. -- Sao Paulo:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

Itau Unibanco S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Itau Unibanco S.A. (Cayman Islands):

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

  -- Long-term foreign currency junior subordinated rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA S.A.:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Banco Itau BBA (Nassau Branch):

  -- Long-term foreign currency senior unsecured bond rating:
     upgraded to Baa2 from Baa3, with positive outlook

Uniao de Bancos Brasileiros S.A. - Unibanco:

  -- Long-term foreign currency deposit rating: upgraded to Baa3
     from Ba2, with positive outlook

  -- Short-term foreign currency deposit rating: upgraded to
     Prime-3 from Not Prime

The last rating action on Banco BGN was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Industrial e Comercial was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Sofisa was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco ABC Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on Banco Bradesco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Bradesco (Grand Cayman Branch) was
on July 7, 2009, when Moody's placed on review for possible
upgrade the long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Bradesco (New York Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency senior unsecured debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco ibi S.A. was on September 15,
2009, when Moody's upgraded the bank's BFSR to B-; long and short-
term global local currency deposit ratings to A1/P-1; long-term
foreign currency deposit rating to Ba2 and long and short-term
Brazilian national scale ratings to Aaa.br/BR-1, aligning all
ratings to those of Banco Bradesco, following the regulatory
approval for the acquisition of Banco ibi on September 11, 2009.

The last rating action on Banco Citibank was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Safra was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit rating, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.

The last rating action on Banco Santander (Brasil) was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Banco Santander (Cayman Branch) on
July 7, 2009, when Moody's placed on review for possible upgrade
the long-term foreign currency junior subordinated debt rating,
following the sovereign action on Brazil's foreign currency debt
ceiling.

The last rating action on Banco Votorantim was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  Other ratings
remained unchanged.

The last rating action on Banco Votorantim (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceiling.

The last rating action on Banco do Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit and debt ratings, following the
sovereign action on Brazil's respective ceilings.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and had its outlook changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco do Brasil (Cayman Branch) was on
July 07, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured and junior
subordinated debt ratings, following the sovereign action on
Brazil's foreign currency debt ceiling.

The last rating action on Banco Nossa Caixa was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  At the same
time, Moody's placed on review for possible downgrade the long and
short-term global local currency deposit ratings as a result of
the global reassessment of the systemic support assumption.  The
BFSR of C was affirmed and its outlook was changed to positive.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social (BNDES) was on July 7, 2009, when Moody's
placed on review for possible upgrade the bank's long-term foreign
currency deposit and debt ratings, following the sovereign action
on Brazil's respective ceilings.  At the same time, Moody's placed
on review for possible downgrade BNDES' long and short-term local
currency issuer ratings as a result of the global reassessment of
the systemic support assumption.

The last rating action on Caixa Economica Federal was on July 7,
2009, when Moody's placed on review for possible upgrade the
bank's long-term foreign currency deposit rating, following the
sovereign action on Brazil's foreign currency deposit ceiling.  At
the same time, Moody's placed on review for possible downgrade the
short and long-term global local currency deposit ratings as a
result of the global reassessment of the systemic support
assumption.  The BFSR of D+ was affirmed with a stable outlook.
The Brazilian national scale ratings remained unchanged with
stable outlook.

The last rating action on HSBC Bank Brasil was on July 7, 2009,
when Moody's placed on review for possible upgrade the bank's
long-term foreign currency deposit rating, following the sovereign
action on Brazil's foreign currency deposit ceiling.  Other
ratings remained unchanged.

The last rating action on ING Bank NV (Sao Paulo Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit rating, following
the sovereign action on Brazil's foreign currency deposit ceiling.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (former Banco Itau) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency deposit and debt ratings,
following the sovereign action on Brazil's respective ceilings.
Other ratings remained unchanged.

The last rating action on Itau Unibanco (Cayman Islands), former
Banco Itau (Cayman Islands), was on July 7, 2009, when Moody's
placed on review for possible upgrade the deposit, senior
unsecured and junior subordinated debt ratings, following the
sovereign action on Brazil's respective ceilings.

The last rating action on Banco Itau BBA was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit and debt ratings, following the sovereign
action on Brazil's respective ceilings.  Other ratings remained
unchanged.

The last rating action on Banco Itau BBA (Nassau Branch) was on
July 7, 2009, when Moody's placed on review for possible upgrade
the bank's long-term foreign currency senior unsecured debt
rating, following the sovereign action on Brazil's foreign
currency debt ceilings.

The last rating action on Unibanco was on July 7, 2009, when
Moody's placed on review for possible upgrade the bank's long-term
foreign currency deposit, following the sovereign action on
Brazil's foreign currency deposit ceiling.  Other ratings remained
unchanged.


* BRAZIL: Moody's Upgrades Government Bond Rating From 'Ba1'
------------------------------------------------------------
Moody's Investors Service has upgraded Brazil's foreign- and
local-currency government bond ratings to Baa3 from speculative-
grade Ba1.  The outlook on the new ratings is positive.

"The upgrade reflects Moody's recognition that the country's shock
absorption capacity, including the authorities' policy response
capability, points to a material improvement in Brazil's sovereign
credit profile," said Mauro Leos, Moody's regional credit officer
for Latin America.

"Evidence of strong economic and financial resilience, features
typically associated with investment-grade sovereign credits, can
be seen in the modest and short-lived contraction in GDP, minimal
weakening in the country's international reserve position,
moderate deterioration in the government debt indicators and lack
of financial stress in the banking system," said Mr. Leos.

Even though the economy will report negative GDP growth in 2009
and the fiscal accounts will deteriorate with respect to previous
years, Mr. Leos said, Brazil's overall performance proved to be
better than that of several Baa-rated investment-grade countries
-- the rating category to which Brazil now belongs.

Mr. Leos said the rating upgrade is part of an ongoing process
intended to identify countries that have become "ordinal winners"
throughout the period of global economic and financial turmoil.
This process has led to a repositioning of sovereign ratings on
Moody's global scale for countries whose sovereign credit
profiles, while already on a medium-term upward path, have proved
to be less vulnerable relative to peers.

"The notable improvement reported in the government debt structure
was an important contributing factor to the rating upgrade and to
the positive outlook," said Mr. Leos.  "Reduced sovereign credit
risk was a direct result of lower exposure in the government
balance sheet to exchange rate and interest rate risks."

Future improvements in the government's credit standing would
require additional progress in the debt structure with special
attention given to the reduction of rollover risks by lengthening
average maturities.

"Stronger growth prospects and the likelihood that continued
macroeconomic stability would help secure single-digit interest
rates are conditions that could potentially improve government
debt dynamics," said Mr. Leos.

While necessary, he added, those conditions may not to be
sufficient in the absence of a clear policy commitment to primary
surpluses consistent with a downward trend in government debt
indicators.

"The authorities' ability to implement actions that resume
positive trends in the fiscal accounts will be critical to assure
continued improvement in Brazil's sovereign credit standing within
the Baa peer group," cautioned Mr. Leos.

"Moody's believes the chances that Brazil will stay on a multi-
year path of improved creditworthiness are reasonably high,"
explained Mr. Leos.  "For this reason, Moody's have assigned a
positive outlook to Brazil's sovereign ratings."

He added that the positive outlook also denotes the absence of
macroeconomic imbalances in the Brazilian economy, a condition
that places the country in a privileged position relative to other
sovereign credits in the same rating category, some of which face
fundamental external or fiscal challenges.

"The presence of favorable growth prospects -- if combined with a
policy stance that builds on the progress made in previous years
-- could improve Brazil's medium term sovereign credit
perspective," said Mr. Leos.

Ultimately, he said, the prospect of a further upgrade will depend
on the political will of the authorities to remove obstacles to
Brazil's economic potential.  A permanent correction of fiscal
imbalances that have led to persistently high government financing
requirements would be crucial in this respect.

At this time, Moody's has also upgraded Brazil's country ceiling
for foreign-currency bonds to Baa2 from Baa3 and the country
ceiling for foreign-currency bank deposits was to Baa3 from Ba2.
Both ratings have a positive outlook.  Brazil's local-currency
deposit ceiling and local-currency bond ceiling were not affected.

The last rating action with respect to the government of Brazil
was implemented on July 6, 2009, when Moody's placed the
government's foreign and local-currency bond ratings on review for
possible upgrade.  Brazil's country ceiling for foreign-currency
bonds was also placed on review as was the country ceiling for
foreign-currency bank deposits.


==========================
C A Y M A N  I S L A N D S
==========================


BLUEHAVEN LIMITED: Creditors' Proofs of Debt Due on September 30
----------------------------------------------------------------
The creditors of Bluehaven Limited are required to file their
proofs of debt by September 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 11, 2009.

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KY1-1102
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


BLUEHAVEN MASTER: Creditors' Proofs of Debt Due on September 30
---------------------------------------------------------------
The creditors of Bluehaven Master Fund Limited are required to
file their proofs of debt by September 30, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 11, 2009.

The company's liquidator is:

          John Sutlic
          c/o Kim Charaman
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman KY1-1102
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


CT MEZZANINE: Member to Receive Wind-Up Report on September 28
--------------------------------------------------------------
The sole member of CT Mezzanine Off-Shore Feeder Fund will receive
the liquidator's report on the company's wind-up proceedings and
property disposal on September 28, 2009, at 10:00 a.m.

The company's liquidator is;

          Khaled Al-Mudhaf
          c/o PO Box 1043, Grand Cayman KY1-1102
          Cayman Islands
          Tel: 949-0050
          Fax: 949-8062


DILLON READ: Creditors' Proofs of Debt Due on September 30
----------------------------------------------------------
The creditors of Dillon Read Financial Products Trading Ltd. are
required to file their proofs of debt by September 30, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on August 20, 2009.

The company's liquidator is:

          Victor Murray
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


FILM FINANCE: Creditors' Proofs of Debt Due on September 30
-----------------------------------------------------------
The creditors of Film Finance Alternative Fund, Ltd. are required
to file their proofs of debt by September 30, 2009, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on August 17, 2009.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Bernadette Bailey-Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666


GOLDMAN SACHS: Creditors' Proofs of Debt Due on September 30
------------------------------------------------------------
The creditors of Goldman Sachs Futures Fund, Ltd. are required to
file their proofs of debt by September 30, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 4, 2009.

The company's liquidator is:

          Walkers Corporate Services Limited
          c/o Anthony Johnson
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9005, Cayman Islands
          Telephone: (345) 914-6314


INVESTCORP ENERGY: In Liquidation; Shareholder Meeting on Oct. 19
-----------------------------------------------------------------
Investcorp Energy And Shipping Fund Limited has been placed into
Voluntary Liquidation.  Pursuant to Section 145 of the Companies
Law (2007 Revision), the final meeting of the shareholders of the
company will be held at the registered office of the company on
October 19, 2009 at 10.00 a.m.

The agenda at the meeting are:

     1. To lay accounts before the meeting showing how the winding
        up has been conducted and how the property has been
        disposed of to the date of final winding up on October 19,
        2009.

     2. To authorize the liquidator to retain the records of the
        company for a minimum of six years from the dissolution of
        the company, after which they may be destroyed.

Any person who is entitled to attend and vote is entitled to
appoint a proxy to attend and vote in his stead.  A proxy need not
be a member or creditor.

     PAGET-BROWN TRUST COMPANY LTD.
     On behalf of the
     Joint Voluntary Liquidators

     Officer for inquiries:
     Bonnie Willkom
     Tel: (345)-949-5122
     Fax: (345)-949-7920
     P.O. Box 1111, Grand Cayman KY1-1102
     Cayman Islands


ION US QUANT FEEDER: Placed Into Voluntary Liquidation
------------------------------------------------------
ION US Quant Feeder Fund Ltd. has been placed into Voluntary
Liquidation pursuant to The Companies Law on August 6, 2009, by a
special resolution passed at an extraordinary meeting of the
Company held that day.

Christopher Johnson and Russell Smith of Chris Johnson Associates
Ltd, 80 Shedden Road, PO Box 2499, Grand Cayman KY1-1104, have
been appointed voluntary liquidators of the Company.


ION US QUANT FUND: Placed Into Voluntary Liquidation
----------------------------------------------------
ION US Quant Fund Ltd. has been placed into Voluntary Liquidation
pursuant to The Companies Law on August 6, 2009, by a special
resolution passed at an extraordinary meeting of the Company held
that day.

Christopher Johnson and Russell Smith of Chris Johnson Associates
Ltd, 80 Shedden Road, PO Box 2499, Grand Cayman KY1-1104, have
been appointed voluntary liquidators of the Company.


K CAPITAL: Shareholder to Receive Wind-Up Report on September 30
----------------------------------------------------------------
The shareholder of K Capital (U.S. Dollar) Ltd. will receive, on
September 30, 2009, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jonathan McLean
          Telephone: (345) 815-1705
          Facsimile: (345) 949 1986


MAXIMUS FUND: In Liquidation; Shareholder Meeting on Sept. 30
-------------------------------------------------------------
Maximus Fund Limited has been placed into Voluntary Liquidation.
Pursuant to Section 127(2) of the Companies Law (2007 Revision),
the final meeting of the sole shareholder of the Company will be
held at the registered office of the Company on September 30,
2009, at 11:00 a.m.

The agenda at the meeting are:

     1. To confirm, ratify and approve the conduct of the
        liquidation by the liquidators, S.L.C. Whicker and K.D.
        Blake;

     2. To approve the quantum of the liquidators’ remuneration,
        that being fixed by the time properly spent by the
        liquidators and their staff;

     3. To lay accounts before the meeting showing how the winding
        up has been conducted and how the property of the Company
        has been disposed of as at the date of the final meeting
        and to approve such accounts; and

     4. To authorize the liquidators to retain the records of the
        Company and of the liquidators for a period of five years
        from the dissolution of the Company, after which they may
        be destroyed.

Any person who is entitled to attend and vote at this meeting may
appoint a proxy to attend and vote in their stead.  A proxy need
not be a member or creditor.

Contact for inquiries:

     Lauren Christie
     SIMON WHICKER
     Joint Voluntary Liquidator
     Tel: 345-815-2663
     Fax: 345-949-7164
     P.O. Box 493, Grand Cayman KY1-1106
     Cayman Islands


MIOKI FUND: Placed Into Voluntary Liquidation
---------------------------------------------
Mioki Fund Limited has been placed into Voluntary Liquidation
pursuant to The Companies Law (2007 Revision) following special
resolution by the sole voting shareholder on July 30, 2009.

Peadar De Barra and Claire Cawley of Fleming Court has been
appointed joint liquidators. To contact:

     Peadar De Barra
     Claire Cawley
     Joint Voluntary Liquidators
     Fleming Court, Fleming’s Place
     Mespil Road, Dublin 4, Ireland


MS APPAREL: Proofs of Claim Due September 30
--------------------------------------------
MS Apparel Limited has been placed into Voluntary Liquidation
pursuant to The Companies Law (2007 Revision), as amended,
August 6, 2009, by a special resolution of the Company.

CDL Company Ltd. of PO Box 31106, Windward One, Regatta Office
Park, West Bay Road, Grand Cayman KY1-1205, Cayman Islands, has
been appointed Voluntary Liquidator.

Creditors of the Company are required on or before September 30,
2009, to send in their names and addresses and particulars of
their debts or claims and the names and addresses of their
attorneys-at- law (if any) to the liquidator, and if so required
by notice in writing from the said liquidator, either by their
attorneys-at-law or personally, to come in and prove the debts or
claims.  Otherwise, creditors will be excluded from the benefit of
any distribution made before such debts are proved.


MS APPAREL II: Proofs of Claim Due September 30
-----------------------------------------------
MS Apparel Ii Limited has been placed into Voluntary Liquidation
pursuant to The Companies Law (2007 Revision), as amended,
August 6, 2009, by a special resolution of the Company.

CDL Company Ltd. of PO Box 31106, Windward One, Regatta Office
Park, West Bay Road, Grand Cayman KY1-1205, Cayman Islands, has
been appointed Voluntary Liquidator.

Creditors of the Company are required on or before September 30,
2009, to send in their names and addresses and particulars of
their debts or claims and the names and addresses of their
attorneys-at- law (if any) to the liquidator, and if so required
by notice in writing from the said liquidator, either by their
attorneys-at-law or personally, to come in and prove the debts or
claims.  Otherwise, creditors will be excluded from the benefit of
any distribution made before such debts are proved.


MS APPAREL: Members to Receive Wind-Up Report on September 30
-------------------------------------------------------------
The members of MS Apparel Limited will receive, on September 30,
2009, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


MS APPAREL: Members to Receive Wind-Up Report on September 30
-------------------------------------------------------------
The members of MS Apparel II Limited will receive, on
September 30, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


MYRIAD DYNAMIC: Placed Into Voluntary Liquidation
-------------------------------------------------
Myriad Dynamic Fund Limited has been placed into Voluntary
Liquidation pursuant to The Companies Law (2007 Revision)
following special resolution by its sole voting shareholder on
July 30, 2009.

Peadar De Barra and Claire Cawley of Fleming Court has been
appointed joint liquidators.  To contact:

     Peadar De Barra
     Claire Cawley
     Joint Voluntary Liquidators
     Fleming Court, Fleming’s Place
     Mespil Road, Dublin 4, Ireland


MYRIAD MARKET: Placed Into Voluntary Liquidation
------------------------------------------------
Myriad Market Nuetral Fund Limited has been placed into Voluntary
Liquidation pursuant to The Companies Law (2007 Revision)
following special resolution by its sole voting shareholder on
July 30, 2009.

Peadar De Barra and Claire Cawley of Fleming Court has been
appointed joint liquidators.  To contact:

     Peadar De Barra
     Claire Cawley
     Joint Voluntary Liquidators
     Fleming Court, Fleming’s Place
     Mespil Road, Dublin 4, Ireland


NOVA INSURANCE: Creditors' Proofs of Debt Due on September 30
-------------------------------------------------------------
The creditors of Nova Insurance Company are required to file their
proofs of debt by September 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 14, 2009.

The company's liquidators are:

          Katherine Chiazza
          Dena Thompson
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          c/o Katherine Chiazza
          Telephone: 949-7755
          Facsimile: 949-6021
          P.O. Box 1109, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-7755
          Facsimile: 949-7634


POD HOLDING: Creditors' Proofs of Debt Due on September 30
----------------------------------------------------------
The creditors of Pod Holding Ltd. are required to file their
proofs of debt by September 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 20, 2009.

The company's liquidator is:

          Jess Shakespeare
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


POKROVSKY HILLS: Creditors' Proofs of Debt Due on September 30
--------------------------------------------------------------
The creditors of Pokrovsky Hills JV Holdings Ltd. are required to
file their proofs of debt by September 30, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 19, 2009.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, Grand Cayman KY1-1205


SAMURAI FUND: Creditors' Proofs of Debt Due on September 30
-----------------------------------------------------------
The creditors of Samurai Fund, Ltd are required to file their
proofs of debt by September 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 31, 2009.

The company's liquidator is:

          Company Secretaries Ltd.
          P.O. Box 30592, Cayside 2nd Floor
          Harbour Drive, George Town
          Grand Cayman KY1-1203, Cayman Islands


SAMURAI MASTER: Creditors' Proofs of Debt Due on September 30
-------------------------------------------------------------
The creditors of Samurai Master Fund, Ltd are required to file
their proofs of debt by September 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 31, 2009.

The company's liquidator is:

          Company Secretaries Ltd.
          P.O. Box 30592, Cayside 2nd Floor
          Harbour Drive, George Town
          Grand Cayman KY1-1203, Cayman Islands


WELLAM ASIAN: In Liquidation; Shareholder Meeting on Oct. 1
-----------------------------------------------------------
WellAm Asian Fund Limited has been placed into Voluntary
Liquidation.  Pursuant to Section 145 of the Companies Law (2007
Revision), the final meeting of the sole shareholder of the
Company will be held at the registered office of the Company on
October 1, 2009 at 11:00 a.m.

The agenda at the meeting are:

     1. To confirm, ratify and approve the conduct of the
        liquidation by the liquidators, S.L.C. Whicker and K.D.
        Blake;

     2. To approve the quantum of the liquidators’ remuneration,
        that being fixed by the time properly spent by the
        liquidators and their staff;

     3. To lay accounts before the meeting showing how the winding
        up has been conducted and how the property of the Company
        has been disposed of as at the date of the final meeting
        and to approve such accounts; and

     4. To authorize the liquidators to retain the records of the
        Company and of the liquidators for a period of five years
        from the dissolution of the Company, after which they may
        be destroyed.

Any person who is entitled to attend and vote at this meeting may
appoint a proxy to attend and vote in their stead.  A proxy need
not be a member or creditor.

Contact for inquiries:

     Lauren Christie
     SIMON WHICKER
     Joint Voluntary Liquidator
     Tel: 345-815-2663
     Fax: 345-949-7164
     P.O. Box 493, Grand Cayman KY1-1106
     Cayman Islands


=========
C H I L E
=========


COMPANIA SUD: S&P Affirms Corporate Credit Rating at 'B-'
---------------------------------------------------------
On Sept. 22, 2009, Standard & Poor's Rating Services affirmed its
'B-' rating on Chile-based shipping company Compania Sud Americana
de Vapores S.A. At the same time, S&P removed the rating from
CreditWatch, where it was placed on Nov. 20, 2008 (although there
have been subsequent rating downgrades, the rating has remained on
CW negative since then).  The outlook is negative.

The rating action reflects S&P's views on the company's recent
actions, which S&P believes have strengthened the company's
financial flexibility and liquidity position, and have alleviated
some of the pressure that depressed market conditions have put on
the container ship industry.

Despite the still-challenging economic environment (S&P believes
volumes and tariff rates are likely to remain weak in 2009 and
probably 2010), CSAV is now in fiscally better shape than it was
six months ago, not only operationally, but also financially.  The
company raised $145 million in equity in second-quarter 2009,
helping it rebuild part of its cash reserves, which had been hurt
by the significant drains on its coffers in the past two quarters.
Further, CSAV has also benefited from a reduction in its leasing
payments and a material delay in the delivery of its new vessels
following negotiations with lessors and shipyards during the year.
These measures, together with the cutoff of its Asia-Northern
Europe services, are likely to have a positive affect on CSAV's
performance.

The recent equity increase is part of the company's equity
enhancement plan, CSAV recently raised equity through two
offerings: the next one is expected in late 2009 for an estimated
$220 million (depending on the exchange rate at that moment); the
second one will take place not before 2010 and will be for up to
$360 million.  The latter issue includes a commitment from the
company's lessors to purchase any unsold shares.  S&P expects
funds raised to be used for working capital purposes, so this
would not enhance the company's liquidity position.

Our rating on CSAV reflects its weak business risk profile and
highly leveraged financial profile.  The company's modest business
position in the volatile container-shipping business is the result
of its relatively weak operating efficiency, particularly on the
most-competitive long hauls, such as east-west trade routes.  In
addition, its relatively larger share of chartered fleet reduces
its overall profitability, since it adds fixed charges to the cost
structure.  This becomes evident during sudden rate downturns --
as was the case since the second half of 2008 -- and lasts until
contracts mature and charter conditions are reset according to
market momentum.  This introduces additional volatility to CSAV's
profits and cash flow generation.

CSAV's liquidity position is recovering.  As of June 30, 2009, the
company's cash holdings totaled $219 million, with on-balance
short-term debt of $59 million.  S&P expects CSAV to materially
strengthen its liquidity position during the second half of 2009,
mainly with the proceeds of the equity contribution.

S&P believes market conditions may improve in 2010, particularly
in South American trades, as economic growth in the region is
starting to show some recovery.  However, a return to positive
EBITDA levels would require a more pronounced market upturn than
the one S&P address in its base case.  In this scenario, CSAV's
credit quality will continue to be subject to its liquidity and
financial flexibility.

The negative outlook reflects S&P's expectation that the company's
operating performance will remain weak, but not harm its current
and future liquidity positions.  If CSAV successfully completes
its upcoming raising of equity and manages to return to positive
EBITDA levels, S&P could revise the outlook to stable and/or
upgrade the rating, depending on the size of the recovery.  On the
other hand, a lower-than-expected raising of cash, or
disappointing operating performance, would be a potential threat
to the company's financial flexibility, which, in light of current
market conditions, could add pressure to the rating or outlook.

           Ratings Affirmed; CreditWatch/Outlook Action

                 Compania Sud Americana de Vapores

                               To                 From
                               --                 ----
Corporate Credit Rating       B-/Negative/--     B-/Watch Neg/--

                 Compania Sud Americana de Vapores

                                To                 From
                                --                 ----
  Senior Unsecured              B-                 B-/Watch Neg


COMPANIA SUD: S&P Affirms 'B-' Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'B-' rating on
Chile-based shipping company Compania Sud Americana de Vapores
S.A.  At the same time, S&P removed the rating from CreditWatch,
where it was placed on Nov. 20, 2008 (although there have been
subsequent rating downgrades, the rating has remained on CW
negative since then).  The outlook is negative.

"The rating action reflects S&P's views on the company's recent
actions, which S&P believes have strengthened the company's
financial flexibility and liquidity position, and have alleviated
some of the pressure that depressed market conditions have put on
the container ship industry," said Standard & Poor's credit
analyst Diego Ocampo.

Despite the still-challenging economic environment (S&P believes
volumes and tariff rates are likely to remain weak in 2009 and
probably 2010), CSAV is now in fiscally better shape than it was
six months ago, not only operationally, but also financially.  The
company raised $145 million in equity in second-quarter 2009,
helping it rebuild part of its cash reserves, which had been hurt
by the significant drains on its coffers in the past two quarters.
Further, CSAV has also benefited from a reduction in its leasing
payments and a material delay in the delivery of its new vessels
following negotiations with lessors and shipyards during the year.
These measures, together with the cutoff of its Asia-Northern
Europe services, are likely to have a positive affect on CSAV's
performance.

S&P's rating on CSAV reflects its weak business risk profile and
highly leveraged financial profile.  The company's modest business
position in the volatile container-shipping business is the result
of its relatively weak operating efficiency, particularly on the
most-competitive long hauls, such as east-west trade routes.  In
addition, its relatively larger share of chartered fleet reduces
its overall profitability, since it adds fixed charges to the cost
structure.  This becomes evident during sudden rate downturns --
as was the case since the second half of 2008 -- and lasts until
contracts mature and charter conditions are reset according to
market momentum.  This introduces additional volatility to CSAV's
profits and cash flow generation.

The negative outlook reflects S&P's expectation that the company's
operating performance will remain weak, but not harm its current
and future liquidity positions.  "If CSAV successfully completes
its upcoming raising of equity and manages to return to positive
EBITDA levels, S&P could revise the outlook to stable and/or
upgrade the rating, depending on the size of the recovery.  On the
other hand, a lower-than-expected raising of cash, or
disappointing operating performance, would be a potential threat
to the company's financial flexibility, which, in light of current
market conditions, could add pressure to the rating or outlook,"
Mr. Ocampo added.


===============
C O L O M B I A
===============


ECOPETROL SA: Colombia to Sell 10% Stake to Fund US$5.2BB Project
-----------------------------------------------------------------
Alexander Cuadros at Bloomberg News reports that Colombia may sell
as much as 10% of its stake in Ecopetrol SA to help fund COP10
trillion (US$5.2 billion) of highway spending.  The report relates
Finance Minister Oscar Ivan Zuluaga said that Colombia is likely
to sell the stake “gradually” between 2011 and 2014, depending on
the speed of Colombia’s economic recovery.  Selling the shares
would prevent Colombia from having to increase debt to fund the
investments, Mr. Zuluaga added.

Inti Landauro at Dow Jones Newswires relates that the planned fund
would come from the central government and local governments.
Dow Jones relates that to keep public debt at sustainable levels,
the government plans to raise money from the sale of as much as
10% of its stake in Ecopetrol.  Colombian owns 89.9% of Ecopetrol,
and the remainder floats on the local stock market.

According to Bloomberg News, Mr. Zuluaga said that the company
must first sell new shares equivalent to a 10% stake for its own
financing purposes before the government can sell additional
shares to fund the highways.  Ecopetrol Chief Executive Officer
Javier Gutierrez, Bloomberg News notes, said that the Bogota-based
company may issue new shares as early as next year.

Bloomberg News adds Colombian Transportation Minister Andres
Gallego said that Interconexion Electrica SA will build a highway
worth COP2 trillion as part of the COP10 trillion pesos of
investments.

                       About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Long-term local currency IDR at 'BBB-';
  -- Outstanding senior unsecured debt at 'BB+';
  -- Country ceiling at 'BBB-'.


* COLOMBIA: Central Bank Sees GDP to Grow 2%-3% in 2010
-------------------------------------------------------
Colombia Central Bank Chief Jose Dario Uribe said that Colombia’s
economy will expand 2% to 3% in 2010 as the global recovery kicks
in and interest rates should remain stable “as long as possible,”
Helen Murphy at Bloomberg News reports.

According to the report, Mr. Uribe said the economy will recover
gradually in the second half of 2009, which may allow rates to
stabilize.  Swings in monetary policy should be avoided, Mr. Uribe
addded.  “We have to see if the economy allows the possibility of
keeping rates stable as long as possible,” the report quoted Mr.
Uribe as saying.  “There should be relative interest rate
stability,” Mr. Uribe added.

Bloomberg News notes Mr. Uribe said that the economy’s expansion
in the second half of 2009 will compensate for contraction in the
first half, leading to zero growth for the year.

Finance Minister Oscar Ivan Zuluaga, the report relates, said that
Colombia’s economy may grow 0.5% in 2009.

                          *     *     *

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Long-term local currency IDR at 'BBB-';
  -- Outstanding senior unsecured debt at 'BB+';
  -- Country ceiling at 'BBB-'.


* COLOMBIA: To Sell Ecopetrol Stake in US$5.2 Billion Plan
----------------------------------------------------------
Alexander Cuadros at Bloomberg News reports that Colombia may sell
as much as 10% of its stake in Ecopetrol SA to help fund COP10
trillion (US$5.2 billion) of highway spending.  The report relates
Finance Minister Oscar Ivan Zuluaga said that Colombia is likely
to sell the stake “gradually” between 2011 and 2014, depending on
the speed of Colombia’s economic recovery.  Selling the shares
would prevent Colombia from having to increase debt to fund the
investments, Mr. Zuluaga added.

Inti Landauro at Dow Jones Newswires relates that the planned fund
would come from the central government and local governments.
Dow Jones relates that to keep public debt at sustainable levels,
the government plans to raise money from the sale of as much as
10% of its stake in Ecopetrol.  Colombian owns 89.9% of Ecopetrol,
and the remainder floats on the local stock market.

According to Bloomberg News, Mr. Zuluaga said that the company
must first sell new shares equivalent to a 10% stake for its own
financing purposes before the government can sell additional
shares to fund the highways.  Ecopetrol Chief Executive Officer
Javier Gutierrez, Bloomberg News notes, said that the Bogota-based
company may issue new shares as early as next year.

Bloomberg News adds Colombian Transportation Minister Andres
Gallego said that Interconexion Electrica SA will build a highway
worth COP2 trillion as part of the COP10 trillion pesos of
investments.

                       About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL. Colombia owns 90% of
Ecopetrol.  The company divides its operations into four business
segments that include exploration and production; transportation;
refining; and marketing of crude oil, natural gas and refined-
products.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.

As reported in the Troubled Company Reporter-Latin America on
September 7, 2009, Fitch Ratings affirmed Colombia's sovereign
ratings:

  -- Long-term foreign currency Issuer Default Rating at 'BB+';
  -- Short-term foreign currency IDR at 'B';
  -- Long-term local currency IDR at 'BBB-';
  -- Outstanding senior unsecured debt at 'BB+';
  -- Country ceiling at 'BBB-'.


===================================
D O M I N I C A N  R E P U B L I C
===================================


AES DOMINICANA: Gov't to Pay US$10.5 Million Debt to Firm
---------------------------------------------------------
The Dominican government plans to pay AES Dominicana Energia
Finance, S.A. US$10.5 million of its pending debt of more than
US$250 million, Dominican Today reports.

According to the report, AES Dominicana President Marco De la Rosa
said the money “will serve to maintain the fuel inventory
necessary for the AES Andres plant.

Mr. De la Rosa, the report notes, said that he is confident the
plan to reestablish the payment chain and reduce the current debt,
now being evaluated by the government and the electrical sector
new officials, will be timely and effective.  The report relates
Mr. De la Rosa said that Hacienda minister Vicente Bengoa informed
him of the installment and that they would receive another one
next week.

                        About AES Dominicana

AES Dominicana Energia Finance S.A. is an energy group operating
in the Dominican Republic, which manages two of AES Corp.'s
wholly owned generation assets, Andres and DPP.  AES Dominicana,
through an AES Corp subsidiary, also has a management agreement
to operate EDE-Este, one of the three distribution companies in
the country.  Andres is a power plant with a 304MW combined
cycle generation facility with duel fuel capability (gas and
diesel) but with natural gas supplied through the LNG import
facility serving as the primary fuel while DPP is a 236MW power
plant comprising two simple cycle combustion turbines that can
burn both natural gas and fuel oil Number 2.  Both plants
together have PPA contracts with EDE-Este for 260MW that
increase over time, but Andres is currently servicing all
contracts given its greater efficiency.  Andres LNG terminal
includes a large tanker berth and jetty, an LNG refueling pier,
and a one million barrel (160,000 cubic meters, m3) LNG storage
tank, as well as regasification and handling facilities for both
LNG and diesel.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Fitch Ratings has affirmed AES Dominicana Energia
Finance, S.A.'s international foreign currency Issuer Default
Rating at 'B-'.  The rating action applies to US$160 million of
notes due 2015 issued by AES Dominicana.  The Recovery Rating has
also been affirmed at 'RR4'.  The Rating Outlook is Stable.


=============
E C U A D O R
=============


PERENCO ECUADOR: Petroecuador Will Ask to Cancel Contract
---------------------------------------------------------
Petroecuador will ask the mines and oil minister to start a
process to cancel contract of the Anglo-French company Perenco
Corp. in Ecuador, Petroecuador Head Luis Jaramillo told Dow Jones
Newswires in an interview.

"The request is ready.  We are finishing a legal review to send
this request to the minister," Mr. Jaramillo was quoted by the
report as saying.  "The company has not fulfilled its obligations
and this is the reason to cancel the contract," Mr. Jaramillo
added.

As reported in the Troubled Company Reporter-Latin America on
July 16, 2009, Perenco Ecuador and its consortium partner,
Burlington Resources Oriente Limited disclosed that suspension of
their participation contracts with Ecuador is imminent unless the
Government of Ecuador complies with orders of two international
arbitration tribunals that prohibit the government from seizing
oil produced by the consortium.  Perenco Ecuador is the operator
of Blocks 7 and 21 in Ecuador.  The report related that the
dispute between Perenco and Ecuador stems from the government's
charge that the company owes approximately US$338 million,
excluding late-payment fees, from overdue windfall oil taxes.

According to the report, Perenco said Ecuador's acts constitute an
"expropriation" of Perenco and Burlington's investments.

                          About Perenco

Perenco -- http://www.perenco.com/-- is an exploration and
production company dedicated to developing oil and natural gas
potential.  Perenco Ecuador Limited is part of a privately held
upstream oil and gas company and is the operator of Blocks 7 and
21 in Ecuador.


===============
H O N D U R A S
===============


* HONDURAS: Curfew Costs Economy US$50 Million Daily
----------------------------------------------------
Honduras’s nationwide curfew is costing the nation’s economy US$50
million a day, Blake Schmidt and Andres R. Martinez at Bloomberg
News reports, citing Jesus Canahuati, vice president of the
nation’s chapter of the Business Council of Latin America.  The
country’s US$14.1 billion economy has lost up to US$200 million in
investment since the military ousted Manuel Zelaya from office on
June 28, Mr. Canahuati told the news agency in a telephone
interview.

“Those are numbers that aren’t sustainable in Honduras,” the
report quoted Mr. Canahuati as saying.  “We’re a poor country, and
many people won’t eat if there’s no work,” Mr. Canahuati added.

According to the report, Acting President Roberto Micheletti
ordered a military- enforced curfew on Sept. 21 when Mr. Zelaya
snuck back into Honduras and took shelter at the Brazilian Embassy
in the capital.  The report relates Mr. Micheletti said that he
imposed the curfew after Mr. Zelaya supporters surrounded the
embassy and “incited” violence.

                          *     *     *

According to Moody's website, the company continues to carry B2
currency ratings with stable outlook.


=============
J A M A I C A
=============


AIR JAMAICA: Government to Sign off on Airline's Divestment
-----------------------------------------------------------
Jamaica Minister of Finance and Planning Audley Shaw said the
Jamaican Cabinet is to sign off on the divestment of Air Jamaica
Limited on Monday, September 28, 2009, Gleaner Power 106 News
reports.

According to the report, the recommendation of the International
Finance Corporation -- the private sector arm of the World Bank
Group, which was tapped to serve as lead advisors on the
divestment project -- has been before Cabinet since July.

As reported in the Troubled Company Reporter-Latin America on
August 20, 2009, The Jamaica Observer said that the sale of Air
Jamaica will likely cost more than US$100 million (JM$8.9
billion), but will result in savings in the short term.  The
report related the costs will relate to staff and administrative
expenses, but also include non-current liabilities.

A TCRLA report on June 29, 2009, citing RadioJamaica News, related
that the Jamaican government indicated it will name a buyer for
cash-strapped Air Jamaica.  Radio Jamaica said the airline has
been hemorrhaging over US$150 million per annum and the government
has had to foot the massive bill.  In addition, Radio Jamaica
said, Air Jamaica currently has over US$600 million in loans
outstanding.

                       About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Standard & Poor's Ratings Services said that it
lowered its foreign currency corporate credit rating on Air
Jamaica Ltd. to 'CCC+' from 'B-'.  The outlook is negative.  The
rating action followed S&P's recent lowering of the long-term
sovereign credit rating on Jamaica (CCC+/Negative/C).


AIR JAMAICA: Union Asks Management Regarding Planned Layoffs
------------------------------------------------------------
The National Worker's Union (NWU), the union representing Air
Jamaica Limited's workers, has questions regarding some of the
persons to be laid off as part of the government's plan to divest
the airline, RadioJamaica reports, citing NWU Vice President
Granville Valentine.

"In the event that these positions and eventually person should
go, (we want to know) what would be the cost saving that would be
realized and whether or not that was the objective.  (Also) what
was achieved and how it would be treated generally," the report
quoted Mr. Valentine as saying.

As reported in the Troubled Company Reporter-Latin America on
September 22, 2009, RadioJamaica said that Air Jamaica will start
to lay off several categories of workers by September 30, which
will affect various groups of employees the airline, but the exact
number of persons to be affected has not been finalized.  The
report relates that the lay-offs will be carried out as part of
cost cutting measures as efforts continue to find a buyer for Air
Jamaica.

Meanwhile, the report notes that more questions have been raised
about the delay in the divestment of Air Jamaica.  RadioJamaica
says that with the government missing the deadline for the
privatization of the cash strapped entity, trade unions
representing Air Jamaica workers say there is more uncertainty
surrounding the airline's future.

"We are concerned about the deafening silence from the Government
as it relates to the divestment as we've heard nothing.  We aware
that the 45 days have past and we're also aware that the
September 12 was the deadline for us to know what was happening
but we're also cognizant of the fact that that date could have
been extended," Mr. Valentine was quoted by the report as saying.

"However, we have not been told if that date has been extended
neither have we been told what's the position at this time," Mr.
Valentine added.

                          About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica Limited --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government owned 25% of the company after it went private
in 1994.  However, in late 2004, the government assumed full
ownership of the airline after an investor group turned over its
75% stake.  The Jamaican government does not plan to own Air
Jamaica permanently.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Standard & Poor's Ratings Services said that it
lowered its foreign currency corporate credit rating on Air
Jamaica Ltd. to 'CCC+' from 'B-'.  The outlook is negative.  The
rating action followed S&P's recent lowering of the long-term
sovereign credit rating on Jamaica (CCC+/Negative/C).


CABLE & WIRELESS: LIME Jamaica Appoints Marguerite Cremin as CMO
----------------------------------------------------------------
Al Edwards at Jamaica Observer reports that Lime (formerly Cable &
Wireless Jamaica), a unit of Cable & Wireless plc, has appointed
Marguerite Cremin as chief marketing officer at the company, as it
seeks to bolster its presence in the region.

According to the report, Ms. Cremin was educated at Trinity
College, Dublin, and has spent eight years in Jamaica and before
accepting her new position at LIME, worked in private consultancy
for the Port Authority.

"This is a new era for LIME and I believe the new regional CEO
David Shaw has put a good team in place.  We now look to establish
LIME as the number one telecommunications provider in the
Caribbean," the report quoted Ms. Cremin as saying.

Lime (formerly Cable & Wireless Jamaica) --
http://home.cwjamaica.com/-- is a provider of national and
international fixed line services.  The company is owned 82% by
Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica
Digiport International Limited, a company which provides high
speed data and other telecommunications services exclusively to
freezone and offshore companies.

                       About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                          *     *     *

According to Bloomberg data, Cable & Wireless plc continues to
carry Moody's "Ba3"long-term corporate family rating, "B1"senior
unsecured debt rating and "Ba3"probability of default rating with
a stable outlook.

The company continues to Standard & Poor's "BB-"long-term foreign
and local issuer credit ratings and "B" short-term foreign and
local issuer credit ratings.


SUGAR COMPANY: Under Probe for Breaching Several Protocols
----------------------------------------------------------
Officials from the Agriculture Ministry are now facing the Public
Accounts Committee of parliament answering to several breaches
identified in the Auditor General's 2007-2008 report, RadioJamaica
reports.

According to the report, the Auditor General told the PAC that her
office has not received an audited financial report from Sugar
Company of Jamaica for more than five years.

The report notes that Permanent Secretary in the Agriculture
Ministry Donovan Stanberry admitted that this was true as the
company was still in the process of putting together statements
from as far back as 2001.  The report relates Mr. Stanberry
claimed that this was so because several estates lost documents in
Hurricane Ivan and the fire at the estate in St. Elizabeth further
set back the process.

The Auditor General, the report says, also cited the SCJ for a
procedural breach at the Bernard Lodge Estate where over
JM$160,000 in cash collected for minor assets was used for petty
cash, JM$80,000 of the amount has still not been accounted for.

The Auditor General assured PAC members that her office will
continue to probe the matter, the report adds.

                           About SCJ

The Sugar Company of Jamaica Limited, a.k.a. SCJ, was formed in
November 1993 by a consortium made up of J. Wray & Nephew
Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Mr. Tufton said
that if a new deal is not inked soon for the divestment of SCJ's
factories, the public will be called on again to plug a projected
US$4.2 billion hole -- representing a US$2 billion operational
loss, and bank penalties -- apparently from continuous hefty
overdrafts.  The loss was incurred by the SCJ's four factories
during the 2008/2009 season.  The Gleaner related the enterprise
has a US$21-billion debt and losses totaling more than US$14
billion since 2005.


===========
M E X I C O
===========


CEMEX SAB: Prices 1.3 Billion CPO Global Offering
-------------------------------------------------
CEMEX, S.A.B. de C.V. disclosed the pricing of its global offering
of 1.3 billion of its Ordinary Participation Certificates,
directly or in the form of American Depositary Shares, each ADS
comprised of 10 CPOs, at a price of US$12.50 per ADS, or
MXP16.64825 per CPO.  The global offering was increased from the
originally announced amount of 1.2 billion CPOs.

Of the 1.3 billion CPOs offered, 975 million CPOs will be sold in
the United States and elsewhere outside of Mexico and 325 million
CPOs will be sold in Mexico.  The estimated net proceeds to the
Company from the global offering, before giving effect to any
exercise of the underwriters' over-allotment option, are expected
to be approximately US$1,549 million.

The company has granted the underwriters a 30-day option to
purchase up to an additional 195 million CPOs to cover any over-
allotments internationally and in Mexico.

J.P. Morgan, Citi, Santander Investment and BBVA are acting as
global coordinators for the global offering.  J.P. Morgan, Citi,
Santander Investment, BBVA, BNP Paribas, HSBC and RBS are acting
as joint bookrunning managers on the international offering.
Acciones y Valores Banamex Casa de Bolsa, J.P. Morgan Casa de
Bolsa, Casa de Bolsa BBVA Bancomer, Santander Casa de Bolsa and
HSBC Casa de Bolsa are acting as bookrunning managers for the
Mexican offering.

CEMEX will use the net proceeds from the global offering to pay
down debt as required by the financing agreement recently entered
into with its creditors.

A registration statement relating to the securities has been filed
with the U.S. Securities and Exchange Commission and is effective.
A Spanish language prospectus has been filed with, and approved
for use by, the Comision Nacional Bancaria y de Valores.

Copies of the final international prospectus, when available, may
be obtained from the prospectus departments of:

   J.P. Morgan Securities Inc.,
   4 Chase Metrotech Center,
   CS Level, Brooklyn, NY 11245,
   Prospectus Library
   (718) 242-8002

   Citigroup Global Markets Inc.,
   Brooklyn Army Terminal,
   140 58th Street,
   8th floor, Brooklyn NY 11220,
   (718) 765-6732

   Elias Ehrlich
   Santander Investment,
   Equity Capital Markets,
   45 East 53rd Street,
   12th floor, New York 10022, NY,
   (212) 407-0963,

   Banco Bilbao Vizcaya Argentaria, S.A,
   Via de los Poblados s/n, 28033 Madrid,
   ECM Department
   (34 91) 537-9337

   BNP Paribas Equity Syndicate,
   16 avenue de Matignon, 75008,
   Paris, France

   HSBC
   Prospectus Dept.
   452 Fifth Avenue,
   New York, NY 10018,
   (866) 811-8049

   RBS Securities Inc.,
   600 Washington Blvd,
   Stamford, CT 06901,
   Prospectus Library,
   (203) 897-9874

Copies of the final Mexican prospectus, when available, may be
obtained from the prospectus departments of:

   Acciones y Valores Banamex
   Casa de Bolsa Paseo de la Reforma
   398 - 4o piso, Col. Juarez,
   06600 Mexico, D.F.,
   J Antonio Espindola / Santiago Guzman,
   Equity Capital Markets

   J.P. Morgan Casa de Bolsa,
   Av Paseo de las Palmas 405,
   Col Lomas de Chapultepec,
   piso 16, Mexico City 11000, Mexico,
   Ricardo Carvallo
   52 (55) 5540-9361

   Casa de Bolsa BBVA Bancomer,
   Montes Urales 620 2o floor,
   Col. Lomas de Chapultepec 11000,
   Mexico D.F.
   Banca de Inversion/ECM Mexico
   52 (55) 5201-2069

   Santander Casa de Bolsa,
   Equity Capital Markets,
   Prol. Paseo de la Reforma,
   #500 Modulo 109 Col. Lomas de Santa Fe,
   Alvaro Obregon, 01219, Mexico DF,
   Roberto Baena
   52 (55) 5269-1819

   HSBC Casa de Bolsa,
   Luis A Hernandez,
   Tesoreria HSBC,
   Av Paseo de la Reforma 347 Piso 15,
   Col Cuauhtemoc C.P 06500, Mexico D.F

                         About CEMEX SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 19, 2009, Fitch Ratings has affirmed these ratings of
Cemex, S.A.B. de C.V.:

  -- Foreign currency Issuer Default Rating at 'B';

  -- Local currency IDR at 'B';

  -- Long-term national scale rating at 'BB-(mex)';

  -- MXN5 billion Certificados Bursatiles program at 'BB- (mex)';

  -- MXN30 billion Programa Dual Revolvente de Certificados
     Bursatiles program at 'BB-(mex)';

  -- Senior unsecured debt obligations at 'B+/RR3';

  -- Unsecured debt issued through the Certificados Bursatiles
     program at 'BB-(mex)';

  -- Short-term national scale rating at 'B (mex)';

  -- MXN2.5 billion short-term portion of Programa Dual Revolvente
     de Certificados Bursatiles program at 'B (mex)'.


CORPORACION INTERAMERICANA: Moody's Reviews B2 Corp. Family Rating
------------------------------------------------------------------
Moody's Investors Service placed under review for possible
downgrade its B2 corporate family rating for Corporacion
Interamericana de Entertenimiento, S.A. de C.V.; likewise Moody's
de Mexico placed under review for downgrade its Ba1.mx national
scale rating for CIE.  The review was prompted by CIE's continued
weak liquidity profile and ongoing refinancing risk.  As of
September 22, the company has not yet announced extension of its
debt maturities, as expected since late July 2009.  The review for
downgrade also considers deterioration in the company's business
prospects due to likely persistent weakness in Mexican consumer
disposable income and a possible increasing tax burden caused by
efforts of the federal government to boost tax collection, as
illustrated by the government's recent fiscal proposal.

As of June 30, 2009, CIE's cash plus marketable securities
represented 22% of Moody's-adjusted short term debt maturities
(which include factoring of accounts receivable and rents), down
from 38% in December 2008 and 96% in December 2007.  CIE's
scheduled debt maturities during the remainder of 2009 include MXN
280 million in local commercial paper due in October and
MXN500 million in long term local notes (certificados bursatiles)
due in December.  In 2010, the company will continue to face
significant debt maturities, including MXN650 million in long-term
notes (certificados bursatiles) due in April of 2010 and
MXN1,400 million in long-term notes (certificados bursatiles) due
in October 2010.  Moody's estimates that CIE's MXN962 million in
cash as of June 30, 2009, plus the MXN1.2 billion in proceeds from
a capital increase, received in July excluding interest payments,
working capital and MXN80 million in local commercial paper paid
in September 2009 would be sufficient to cover the payment of
certificados bursatiles maturing in 2009 and early 2010, assuming
that bank credit lines are continuously renewed or refinanced.

The review for downgrade will focus on the impact of CIE's plans
to manage its liquidity and refinancing exposure on the company's
capital structure and debt maturity profile.

The last action on CIE's ratings occurred on January 29, 2009,
when Moody's Investors Service downgraded the issuer's corporate
family rating to B2 from Ba3 and Moody's de Mexico downgraded its
national scale rating to Ba1.mx from A3.mx.

Because CIE operates in several distinct businesses, analysis of
the Company's credit risk in not based exclusively on any of
Moody's rating methodologies.  However, Moody's uses the Global
Gaming Rating Methodology to assist in the assessment of CIE's
credit quality.  Most importantly, CIE's ratings have been
assigned by evaluating factors that Moody's believe are relevant
to the Company's risk profile, such as (i) liquidity and overall
financial position; (ii) projected performance per division over
the near to intermediate term; and (iii) predictability of cash
flow generation.  These attributes were compared against other
issuers both within and outside CIE's core industries.

CIE is the sole vertically integrated out-of-home entertainment
group in Mexico.  CIE also has some assets in South America and
the U.S.  As of June 2009, last-twelve-month revenues and Adjusted
EBITDA amounted to US$768 million and US$ 205 million,
respectively.


===============
P A R A G U A Y
===============


* PARAGUAY: Executes Four New Energy Agreements With Venezuela
--------------------------------------------------------------
Four agreements in the energy field were entered into by Rafael
Ramirez, Minister of People’s Power for Energy and Petroleum and
President of Petroleos de Venezuela; and Fernando Texeira dos
Santos, the Minister of State, Finance, Economy and Innovation of
the Portuguese Republic.

The initialed agreements include an engineering, procurement and
building contract between PDVSA Industrial and LEIRIMETAL.  The
instrument will allow for the establishment of a mixed company to
manufacture blocks, planks and bricks in Guarico state, by using
gas venting.  There is also an agreement between the Instituto de
Soldadura e Qualidade (and CORPOELEC to refurbish Planta Centro
and widen up the electric power supply for a steady country grid.

Likewise, two agreements were entered into by and between Energias
de Portugal  and CORPOELEC, whereby the Portuguese company will
help consolidate the electricity sector at Planta Centro and to
perform a feasibility study for energy generation by using coke.

                       Bi-national Fund

The ministers of Venezuela and Portugal also approved a number of
projects which will be backed by a bilateral fund for about
US$148.1 billion.  These initiatives cover five strategic areas:
health, food, energy, food logistics and electricity.

In the area of health, US$27 million will be spent to buy drugs
from Portuguese laboratories.  In addition, US$10 million will be
spent to carry out studies intended to develop the wind potential
and identify potential renewable energy sources in Petrocaribe
member states; US$44.5 to buy different foodstuffs; US$24.3
million for food logistics including several projects to be
implemented by PDVAL, and US$25 million to enhance electric power
generation.

Minister Ramirez explained that the fund, deposited in Portuguese
banks, is set to build a resource base for closer links between
the two countries.

Minister Ramirez remembered that the renewed bilateral relation
gathered momentum with the energy field and added that the
agreements are a step further in a relation which goes beyond
business to a level of political understanding between the Heads
of State of both nations.

Minister Ramirez reported that PDVSA will open soon a branch in
Lisbon.  The office will become the operations center for the
activities to be developed in Europe and North Africa.

For his part, Minister Texeira voiced satisfaction for the
positive outcome of the meeting, as it energizes the bilateral
relationship.  Minister Texeira noted that Venezuela is top in the
agenda of Portugal as part of its attempt at diversifying foreign
affairs.

When highlighting Venezuela-Portugal historical and cultural ties,
including 600,000 Portuguese residents in Venezuela, Minister
Texeira is certain that the agreements will prompt again bilateral
relations, now intended to find new cooperation areas.  Minister
Texeira also noted Portugal’s possible contribution to the
significant effort at renewable energy sources.

                           *     *     *

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.

According to Moody's Website, Paraguay continues to carries
Moody's B3 foreign and local currency ratings with stable
outlooks.


=======
P E R U
=======


BANCO DE CREDITO: Buys 77.2% Shares of Financiera Edyficar
----------------------------------------------------------
Banco de Credito del Peru said it has bought 77.2% of the shares
of microfinance company, Financiera Edyficar, Robert Kozak at Dow
Jones Newswires reports.

According to the report, Banco de Credito said it plans to launch
a public offer for the remaining outstanding shares, in line with
government regulations.

"We consider Edyficar to be a success in its market segment, and
we want to bring capital and technology so that it can continue
expanding its current capacities and to implement its strategic
plan," the report quoted Banco de Credito General Manager Walter
Bayly as saying.

Dow Jones Newswires notes that Edyficar, considered the ninth-
largest microfinance company in Latin America, said it had a loan
portfolio worth about US$210 million in July.

                    About Banco de Credito

Banco de Credito del Peru is Peru's largest bank, with a
dominating market share of over 30% of deposits, and boasts
total consolidated assets of US$9.6 billion and equity of US$780
million as of June 30, 2006.  It is the principal operating
company within Credicorp, Peru's largest financial services
company, which controls 96.2% of Banco de Credito; Credicorp is
widely held by local and foreign institutional shareholders.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 23, 2009, Fitch has affirmed the bank's Individual
rating at 'C'; and Support Floor at 'BB+'.


=============
U R U G U A Y
=============


URUGUAY: Fitch Assigns Long-Term Foreign Currency Rating at 'BB-'
-----------------------------------------------------------------
Fitch Ratings has assigned a long-term foreign currency rating of
'BB-' to Uruguay's 16-year US$500 million Eurobond (6.875%
coupon).

The rating is in line with the sovereign's foreign currency IDR.
Uruguay's credit profile is supported by manageable financing
needs, relatively high GDP per capita as well as institutional
integrity and political stability, which reduces the risk of a
marked departure from the current macroeconomic policy framework.

Fitch recently revised Uruguay's Outlook to Positive from Stable
in light of a strengthening macroeconomic policy framework along
with steady improvement in fiscal and external solvency ratios in
recent years.  The rating agency also believes that Uruguay's
resilience to external economic shocks has increased as a result
of greater exchange rate flexibility, rising international reserve
levels, lower external financing needs (external amortizations
plus current account deficit) and prudent measures that have
strengthened the banking system.


=================
V E N E Z U E L A
=================


PETROLEOS DE VENEZUELA: Mulls Anadarko Venezuela Acquisition
------------------------------------------------------------
Dan Molinski at Dow Jones Newswires that Petroleos de Venezuela
Director Eulogio Del Pino said the company is still planning to
buy Anadarko Venezuela from Anadarko Petroleum Corp, but first
wants the price lowered because "oil prices have fallen
tremendously."  "We're interested in buying it.  We're evaluating
it," the report Mr. Del Pino, a director at Petroleos de Venezuela
SA, or PdVSA, as saying.

According to the report, Anadarko announced plans in early 2008 to
sell its indirect 18% stake in Petroritupano, a joint venture with
PdVSA and Brazil's Petroleo Brasileiro SA (Petrobras), and even
lined up a buyer, PetroFalcon, which offered to pay US$200
million.  However, the report relates, that PDVSA rejected the
deal, saying it has first dibs on buying Anadarko's stake, by law.

Mr. Del Pino, the report notes, said Anadarko has "no problem"
with the fact that no deal has been struck because the company has
redirected its investments toward natural gas development projects
in the U.S. Rocky Mountains.

                           About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'


PETROLEOS DE VENEZUELA: Threatens ConocoPhillips With Lawsuit
-------------------------------------------------------------
The Venezuela government is considering a lawsuit against U.S. oil
giant Houston-based ConocoPhillips for exercising an option to
purchase Petroleos de Venezuela SA's 50% stake in a Sweeny
refinery, Chron News reports.  The report relates Oil Minister
Rafael Ramirez said a legal team representing PDVSA could file a
lawsuit against ConocoPhillips.  “Our lawyers are proposing a
lawsuit against Conoco,” the report quoted Mr. Ramirez as saying.

As reported in the Troubled Company Reporter-Latin America on
September 8, 2009, Bloomberg News said that ConocoPhillips, which
left Venezuela after assets were seized in 2007, exercised an
option to PDVSAs stake in a U.S. coking unit after accusing the
state oil company of defaulting on a supply accord.

ConocoPhillips plans to take full control of the unit at its
Sweeny, Texas, refinery at a price set under the companies’
partnership agreement, ConocoPhillips spokesman Rich Johnson said
in an e-mailed response obtained by the news agency,  “PDVSA has
not supplied crude oil meeting contractual specifications” since
the beginning of 2009, the report quoted Mr. Johnson as saying.
The report relates that ConocoPhillips declined to say whether the
alleged failure to supply adequate oil was what allowed the
takeover of the 70,000 barrel-a-day unit.

According to a TCRLA report on Oct. 22, 2007, ConocoPhillips Chief
Executive James Mulva said that the company's negotiations with
Petroleos de Venezuela on compensation deal over the seizure of
the Orinoco Belt assets could take several months.  ConocoPhillips
opted in June 2007 to withdraw Orinoco operations and leave
Venezuela rather than agree to Petroleos de Venezuela's taking
over the assets.  Mr. Mulva told Bloomberg News that arbitration
may take several years and ConocoPhillips is seeking to avoid a
court fight.

                           About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'


PETROLEOS DE VENEZUELA: To Review Oil-Block Proposals
-----------------------------------------------------
Petroleos de Venezuela will review proposals from StatoilHydro ASA
and Total SA to develop a block in Venezuela’s Orinoco Belt that
will require investments of US$25 billion over 25 years, Steven
Bodzin at Bloomberg News reports.  The report relates Eulogio del
Pino, PDVSA vice president for exploration and production, said
that PDVSA will decide between the two plans in two months.

According to the report, Venezuela is seeking to develop the
Orinoco Belt aiming to increase output to 4.7 million barrels a
day by 2015.

Bloomberg News notes that France’s Total and Norway’s
StatoilHydro, already minority partners in the Petrocedeno heavy-
oil project in the Orinoco Belt, are each submitting proposals to
develop the Junin 10 block, where Venezuela aims to produce
600,000 barrels a day.

                           About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'


PETROLEOS DE VENEZUELA: Inks Pipeline Project With Transneft
------------------------------------------------------------
Petroleos de Venezuela SA and Russian oil pipeline operator OAO
Transneft signed a memorandum to start building a US$600 million
oil pipeline in Venezuela within three to four years, Jacob
Gronholt-Pedersen at Dow Jones Newswires reports.

According to the report, under the memorandum signed by both
companies, Transneft will build infrastructure for development of
the Orinoco oil belt, including a 1,300 kilometer pipeline.  The
report relates that an investment plan will be drawn up within a
year.

Dow Jones Newswires notes that PDVSA estimated the costs of the
1,300 kilometer pipeline at US$600 million.

                            About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'


* VENEZUELA: Executes Four New Energy Agreements With Paraguay
--------------------------------------------------------------
Four agreements in the energy field were entered into by Rafael
Ramirez, Minister of People’s Power for Energy and Petroleum and
President of Petroleos de Venezuela; and Fernando Texeira dos
Santos, the Minister of State, Finance, Economy and Innovation of
the Portuguese Republic.

The initialed agreements include an engineering, procurement and
building contract between PDVSA Industrial and LEIRIMETAL.  The
instrument will allow for the establishment of a mixed company to
manufacture blocks, planks and bricks in Guarico state, by using
gas venting.  There is also an agreement between the Instituto de
Soldadura e Qualidade (and CORPOELEC to refurbish Planta Centro
and widen up the electric power supply for a steady country grid.

Likewise, two agreements were entered into by and between Energias
de Portugal  and CORPOELEC, whereby the Portuguese company will
help consolidate the electricity sector at Planta Centro and to
perform a feasibility study for energy generation by using coke.

                       Bi-national Fund

The ministers of Venezuela and Portugal also approved a number of
projects which will be backed by a bilateral fund for about
US$148.1 billion.  These initiatives cover five strategic areas:
health, food, energy, food logistics and electricity.

In the area of health, US$27 million will be spent to buy drugs
from Portuguese laboratories.  In addition, US$10 million will be
spent to carry out studies intended to develop the wind potential
and identify potential renewable energy sources in Petrocaribe
member states; US$44.5 to buy different foodstuffs; US$24.3
million for food logistics including several projects to be
implemented by PDVAL, and US$25 million to enhance electric power
generation.

Minister Ramirez explained that the fund, deposited in Portuguese
banks, is set to build a resource base for closer links between
the two countries.

Minister Ramirez remembered that the renewed bilateral relation
gathered momentum with the energy field and added that the
agreements are a step further in a relation which goes beyond
business to a level of political understanding between the Heads
of State of both nations.

Minister Ramirez reported that PDVSA will open soon a branch in
Lisbon.  The office will become the operations center for the
activities to be developed in Europe and North Africa.

For his part, Minister Texeira voiced satisfaction for the
positive outcome of the meeting, as it energizes the bilateral
relationship.  Minister Texeira noted that Venezuela is top in the
agenda of Portugal as part of its attempt at diversifying foreign
affairs.

When highlighting Venezuela-Portugal historical and cultural ties,
including 600,000 Portuguese residents in Venezuela, Minister
Texeira is certain that the agreements will prompt again bilateral
relations, now intended to find new cooperation areas.  Minister
Texeira also noted Portugal’s possible contribution to the
significant effort at renewable energy sources.

                           *     *     *

According to Moody's Investors Service, Venezuela continues to
carry a B2 foreign currency rating and a B1 local currency rating
with stable outlook.

According to Moody's Website, Paraguay continues to carries
Moody's B3 foreign and local currency ratings with stable
outlooks.


                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.


Copyright 2009.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


           * * * End of Transmission * * *