TCRLA_Public/090709.mbx         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, July 9, 2009, Vol. 10, No. 134

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: Libyan Government Invested US$500 Million
STANFORD INT'L: Owner Seeks to Access Funds to Pay Legal Fees


A R G E N T I N A

ANABELLA SA: Trustee Verifying Proofs of Claim Until August 20
AUTOPISTAS DEL: S&P Raises Corporate Credit Rating to 'CCC+'
DISTRIBUIDORA PARTES: Verifying Proofs of Claim Until Aug. 26
LANK SRL: Trustee Verifying Proofs of Claim Until September 18
LILIUM SRL: Trustee Verifying Proofs of Claim Until September 3

PAGLIETTINI SA: Trustee Verifying Proofs of Claim Until Sept. 2
SABRA CONSTRUCCIONES: Verifying Proofs of Claim Until August 24
YPF SA: CNPC & CNOOC May Make Joint Bid for Stake, Analyst Says


B E R M U D A

ATLAS INDEMNITY: Creditors' Proofs of Debt Due on July 23
ATLAS INDEMNITY: Members' General Meeting Set for August 13
CRYSTAL CORPORATION: Creditors' Proofs of Debt Due on July 23
CRYSTAL CORPORATION: Members' General Meeting Set for August 13


B R A Z I L

BANCO ABC: Moody's Puts Ba2 Rating on Review for Possible Upgrade
BANCO BBM: Moody's Puts Ba2 Rating on Review for Possible Upgrade
BANCO BGN: Moody's Puts Ba2 Rating on Review for Possible Upgrade
BANCO BRADESCO: Moody's Puts Ba2 Rating on Review
BANCO CITIBANK: Moody's Puts Ba2 Rating on Review

BANCO DO BRASIL: To Record BRL200 Million Gain in Third Quarter
BANCO DO BRASIL: Moody's Shifts Outlook on C BFSR to Positive
BANCO INDUSTRIAL: Moody's Puts Ba2 Rating on Review
BANCO ITAU: Moody's Puts Ba2 Rating on Review for Possible Upgrade
BANCO NACIONAL: Moody's Reviews Ba2 Foreign Cur. Deposit Rating

BANCO NOSSA: Moody's Puts Ba2 For. Cur. Deposit Rating on Review
BANCO SAFRA: Moody's Puts Ba2 Rating on Review
BANCO SANTANDER: Moody's Puts Ba2 Rating on Review
BANCO SOFISA: Moody's Puts Ba2 Rating on Review
BANCO VOTORANTIM: Moody's Puts Ba2 Rating on Review

BES INVESTIMENTO: Moody's Puts Ba2 Rating on Review
CAIXA ECONOMICA: Moody's Reviews Ba2 Foreign Cur. Deposit Rating
COMPANHIA SIDERURGICA: Signs MOU With Petrobras and Gerdau
GERDAU SA: Signs MOU w/ CSN & Petrobras to Study Terminal Project
GERDAU SA: Boosts Capital to Offset Low Steel Demand

HSBC BANK BRASIL: Moody's Puts Ba2 Rating on Review
ING BANK: Moody's Puts Ba2 Rating on Review for Possible Upgrade
ITAU UNIBANCO: Moody's Puts Ba2 Rating on Review for Poss. Raise
ITAU UNIBANCO SA (CAYMAN): Moody's Puts Ba2 Rating on Review
UNIAO DE BANCOS: Moody's Puts Ba2 Rating on Review

BRAZIL: Moody's Review on Ba1 Ratings Won't Affect Petrobras' Rtng


C A Y M A N  I S L A N D S

BERNARD MADOFF: Picard Seeks Default Judgement Vs. Harley


C O L O M B I A

BANCOLOMBIA: Shareholders Approve Sale of 80 Million New Shares
ECOPETROL SA: Cuts Output by 3,800 Barrels/Day After Protests


E C U A D O R

* ECUADOR: Posts US$812 Million Trade Deficit in Jan-May
* ECUADOR: Jan-May Crude Oil Export Revenue Drops 63%


J A M A I C A

GOODYEAR JAMAICA: Incurs JM$48 Million Net Loss for 2008


M E X I C O

CEMEX SAB: Readies Securitization of Accounts Receivable at Units
VITRO SAB: Posts US$411 Million Net Loss for 2008


S T  V I N C E N T  &  T H E  G R E N A D I N E S

MILLENNIUM BANK: Founder Used Funds for "Lavish Lifestyle"


T R I N I D A D  &  T O B A G O

PETROTRIN LIMITED: Lost TT$600-Mil. for Fiscal Year Ended May 2009


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Demands Mass Contractor Discounts


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         - - - - -


===============================
A N T I G U A  &  B A R B U D A
===============================

STANFORD INT'L: Libyan Government Invested US$500 Million
---------------------------------------------------------
The Libyan government invested, in late 2008, US$500 million in
cash reserves with Stanford International Bank Limited, Anna
Driver of Reuters reports, citing a company filing.

According to the report, the court filing said that early this
year, the country has considered increasing its investment with
Robert Allen Stanford's SIBL, prompting the founder and his
girlfriend, Andrea Stoelker, to fly in to Tripoli on January 25,
2009.  The report relates Mr. Stanford also met with several
officials, including Mohamed Layas, chief executive of the Libyan
Investment Authority.  Reuters says it was not clear whether the
investment was recouped before the U.S. government shuttered
Mr. Stanford's network of financial firms.

According to Reuters, U.S. prosecutors cited the 2009 trip to
Libya as evidence that Mr. Stanford was a flight risk.  The SIBL
founder's attorney, however, said it was only a regular business
trip.

Federal prosecutors, Bloomberg News recalls, had argued that
Mr. Stanford would flee, citing, among other factors, the
billionaire's residence outside the United States, frequent trips
on his private jet, a missing but expired passport, and a global
network of wealthy contacts.

As reported in the Troubled Company Reporter-Latin America on
July 7, 2009, Bloomberg News said Mr. Stanford's lawyer Dick
DeGuerin is seeking to re-appeal to U.S. District Judge David
Hittner to change his decision to keep Mr. Stanford in jail while
waiting for his trial.  The report related one argument was that
Mr. Stanford's lost Antiguan passport was found in the possession
of Stanford Financial Group receiver, Ralph Janvey, three days
after prosecutors told Judge David Hittner they didn't know where
it was.  However, the report noted, prosecutors argued that
finding the missing passport doesn't justify letting Stanford out
of jail on bail.

                About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


STANFORD INT'L: Owner Seeks to Access Funds to Pay Legal Fees
-------------------------------------------------------------
Andrew M. Harris and Laurel Brubaker Calkins of Bloomberg News
report that Stanford International Bank Limited owner Robert Allen
Stanford told U.S. District Judge David Godbey in Dallas that the
criminal cases against him "should be thrown out" if he doesn't
get access to his to money to pay his lawyers.  Judge Godbey has
frozen Mr. Stanford's assets at the request of the U.S. Securities
and Exchange Commission.

The report relates that Mr. Stanford -- in a filing with U.S.
District Judge David Hittner in Houston, which is handling a
criminal case against him -- said the court-ordered freeze on his
assets prevents him from mounting a defense to the lawsuits filed
against him.

Judge Hittner offered to "help get the attention of the powers
that be, at least to get resolution on that point, because you've
got to start cranking up a defense."

"Throughout the duration of this case, the government has
repeatedly sought to deprive Mr. Stanford of his ability to obtain
any funds to defend himself," attorneys for Mr. Stanford said in
the 18-page submission obtained by the news agency.

Bloomberg News recalls Judge Godbey, in a July 1 ruling, denied
Mr. Stanford's request for access to his funds to pay lawyers'
fees, saying the financier hadn't complied with an earlier order
to provide an accounting of his personal assets.

                  About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).



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

ANABELLA SA: Trustee Verifying Proofs of Claim Until August 20
--------------------------------------------------------------
The court-appointed trustee for Anabella S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
August 20, 2009.

The trustee will present the validated claims in court as
individual reports on October 1, 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
November 13, 2009.


AUTOPISTAS DEL: S&P Raises Corporate Credit Rating to 'CCC+'
------------------------------------------------------------
On July 7, 2009, Standard & Poor's Ratings Services raised its
corporate credit rating on Ausol to 'CCC+' from 'CC' following the
completion of a cash tender offer on its $155 million notes due
2017, that S&P considers "trivial" under S&P's criteria.  The
outlook is negative.  At the same time, S&P raised the senior
unsecured rating on Ausol's $155 million 11.5% notes due 2017 to
'CCC+' from 'CC'.  On July 7, 2009, Standard & Poor's Ratings
Services raised its corporate credit rating on Ausol to 'CCC+'
from 'CC' following the completion of a cash tender offer on its
$155 million notes due 2017, that S&P considers "trivial" under
S&P's criteria. The outlook is negative.  At the same time, S&P
raised the senior unsecured rating on Ausol's $155 million 11.5%
notes due 2017 to 'CCC+' from 'CC'.

Ausol's liquidity is weak. As of March 31, 2009, the company had
about $14 million in cash and short-term investments, while short-
term debt was about $13 million (including accrued interests).  In
addition, Ausol's financial flexibility is very limited because of
the low cash flow generating ability compared to its debt service
amid high regulatory risk related to the company's contract
concession renegotiation, which is pending a full renegotiation
since 2002.

The company has been granted with a sizable toll tariff increase
in early 2009.  However, the continued devaluation of the
Argentine peso -- and its impact on the currency mismatch between
revenues denominated in pesos and a dollar-denominated debt --
decreasing traffic levels -- about 5% in the first quarter of 2009
-- and certain continued cost pressures -- particularly labor --
hurt the company's profitability and cash generation ability.

Assuming flat traffic levels for 2009, Ausol should be able to
generate at least ARP140 million in EBITDA (or about $36 million
at an exchange rate of ARP3.85 per $1) while it will face interest
payments for about $20 to $25 million annually.  Under current
conditions and absent major changes coming from a full
renegotiation of its concession contract, S&P does not expect the
company to generate significant free cash flow to meet interest,
principal and, eventually, capital expenditures.  Ausol would have
to rely on other sources -- like further tariff increases that at
this point are unpredictable -- while it will face an increasing
debt maturity profile, with principal maturities of about
$20 million in 2010.

The negative outlook reflects the challenges of paying a high
level of US dollar-denominated debt in a context of lower traffic
levels, higher operating costs and ongoing devaluation of the
Argentine peso.  Rating upside would mainly depend on potential
tariff increases and/or on the outcome of the renegotiation
process of the concession contract.  Ratings could come under
pressure, however, following a further devaluation of the
Argentine peso, a deterioration of the traffic performance that in
turn might further weaken the company's cash flow generation
capacity, or any indication that the company will not meet its
obligations as originally contracted.

                             Upgraded

                      Autopistas Del Sol S.A.

                     Corporate Credit Rating

                              To                 From
                              --                 ----
  Foreign Currency            CCC+/Negative/--   CC/Negative/--
  Local Currency              raB+/Negative/--   raCC/Negative/--

                      Autopistas Del Sol S.A.

                                        To                 From
                                        --                 ----
Senior Unsecured (1 issue)             CCC+/Negative      CC

                         Ratings Affirmed

                      Autopistas Del Sol S.A.

            Senior Unsecured (1 issue)             raB+


DISTRIBUIDORA PARTES: Verifying Proofs of Claim Until Aug. 26
-------------------------------------------------------------
The court-appointed trustee for Distribuidora Partes Frenos S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until August 26, 2009.


LANK SRL: Trustee Verifying Proofs of Claim Until September 18
--------------------------------------------------------------
The court-appointed trustee for Lank S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
September 18, 2009.

The trustee will present the validated claims in court as
individual reports on November 2, 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
December 16, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on June 23, 2010.


LILIUM SRL: Trustee Verifying Proofs of Claim Until September 3
---------------------------------------------------------------
The court-appointed trustee for Lilium S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 3, 2009.


PAGLIETTINI SA: Trustee Verifying Proofs of Claim Until Sept. 2
---------------------------------------------------------------
The court-appointed trustee for Pagliettini S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
September 2, 2009.

The trustee will present the validated claims in court as
individual reports on October 14, 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
November 25, 2009.


SABRA CONSTRUCCIONES: Verifying Proofs of Claim Until August 24
---------------------------------------------------------------
The court-appointed trustee for Sabra Construcciones S.R.L.'s
reorganization proceedings will be verifying creditors' proofs of
claim until August 24, 2009.

The trustee will present the validated claims in court as
individual reports on October 6, 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
November 18, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on May 28, 2010.


YPF SA: CNPC & CNOOC May Make Joint Bid for Stake, Analyst Says
---------------------------------------------------------------
China National Petroleum Corp. (CNPC) and China National Offshore
Oil Corp. (CNOOC) could make a joint bid for stakes in YPF S.A., a
unit of Spanish-based Repsol YPF SA, although a clear timetable
remains unclear, Reuters reports, citing analyst.  "Both companies
can work together; CNPC can gain access to the onshore exploration
rights, while CNOOC can gain access to the offshore assets," the
report quoted Gordon Kwan, a Hong Kong-based analyst at Mirae
Asset Financial, as saying.

As reported in the Troubled Company Reporter-Latin America on
July 7, 2009, Bloomberg News said Repsol YPF is in talks with CNPC
and CNOOC for a possible stake sale in the firm.  The report
related one source said China National Petroleum may make an offer
of about US$13 billion to US$14.5 billion for Repsol's stake in
YPF SA this month, while CNOOC Group is preparing a rival bid to
buy a minority stake in the unit.  The report said CNOOC Group
hasn't decided whether its Chinese parent or Hong Kong-listed unit
will make the acquisition.  According to the report, CNPC
may offer to buy as much as 75% of YPF, while Chinese rival CNOOC
Ltd. is interested in a 25% stake.

Sources told the news agency that CNOOC is being represented by
JPMorgan, Morgan Stanley is representing CNPC, and Goldman Sachs
is advising YPF on the sale.  Reportedly, Oil and Natural Gas
Corporation and Russian companies are also eyeing YPF.

A TCR-LA report on July 3, citing Bloomberg News, related that
Chief Executive Officer Antonio Brufau wants to cut Repsol's stake
in YPF after Argentine restrictions on natural gas exports and
price caps on crude reduced profitability.  The report said that
the company also needs to raise funds for production, including in
the deepwater fields off Brazil where Brufau said last year Repsol
would spend at least US$1.5 billion developing deposits.  Repsol,
the report noted, delayed a public offering of a stake in YPF in
November after paying US$15.5 billion for more than 80 percent of
YPF in 1999.  Last year Repsol sold a 15% stake in YPF SA for
US$2.2 billion to Argentine investor Enrique Eskenazi, the report
noted.

                        About YPF S.A.

Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream).  The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil
exploration and refining, which holds 99.04% of its shares.  Its
international operations are conducted through its subsidiaries,
YPF International S.A. and YPF Holdings Inc.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2009, Moody's Investors Service downgraded YPF S.A.'s
global local currency rating to Ba1 from Baa2, concluding a review
for possible downgrade announced in December 2008.  (YPF's Ba2
foreign currency bond rating, also under review for downgrade, was
withdrawn when the rated bond issue matured in February 2009.)
The rating outlook is stable.



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

ATLAS INDEMNITY: Creditors' Proofs of Debt Due on July 23
---------------------------------------------------------
The creditors of Atlas Indemnity, Ltd. are required to file their
proofs of debt by July 23, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 3, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


ATLAS INDEMNITY: Members' General Meeting Set for August 13
-----------------------------------------------------------
The members of Atlas Indemnity, Ltd. will hold their general
meeting on August 13, 2009, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on July 3, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


CRYSTAL CORPORATION: Creditors' Proofs of Debt Due on July 23
-------------------------------------------------------------
The creditors of Crystal Corporation Limited are required to file
their proofs of debt by July 23, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 3, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda


CRYSTAL CORPORATION: Members' General Meeting Set for August 13
---------------------------------------------------------------
The members of Crystal Corporation Limited will hold their general
meeting on August 13, 2009, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on July 3, 2009.

The company's liquidator is:

          Jennifer Y. Fraser
          Canon's Court, 22 Victoria Street
          Hamilton, Bermuda



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

BANCO ABC: Moody's Puts Ba2 Rating on Review for Possible Upgrade
-----------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 long-term foreign currency deposit ratings of certain
Brazilian banks.  Moody's also placed on review for upgrade the
Baa3 foreign currency bond ratings of selected Brazilian banks, as
well as the Baa3 long-term foreign-currency subordinate perpetual
bond ratings of Banco Bradesco S.A., Grand Cayman Branch, Banco
Santander S.A. -- Cayman Branch and Itau Unibanco S.A. (Cayman
Islands).

These rating actions are the direct result of Moody's review for
possible upgrade of Brazil's Baa3 country ceiling for foreign
currency bonds and notes, as well as Brazil's Ba2 country ceiling
for foreign currency deposits.

The agency noted that the actions on the deposit and bond ratings
of the banks have no effects on their financial strength ratings
or local currency deposit ratings or their respective outlooks.

These ratings have been placed on review for possible upgrade:

  -- Banco ABC Brasil S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco BBM S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco BGN S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco Bradesco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Bradesco S.A. (Grand Cayman Branch): Baa3 long-term
     foreign currency bond rating and Baa3 long-term foreign
     currency junior subordinated debt rating

  -- Banco Citibank S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Industrial e Comercial S.A - BICBANCO: Ba2 long-term
     foreign currency deposit rating

  -- Itau Unibanco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Itau Unibanco S.A. (Cayman Islands): Ba2 long-term foreign
     currency deposit rating, Baa3 long-term foreign currency bond
     rating and Baa3 long-term foreign currency junior
     subordinated debt rating

  -- Banco Itau BBA S.A.: Ba2 long-term foreign-currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Itau BBA (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- Banco Safra S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Santander S.A. (Brazil): Ba2 long-term foreign currency
     deposit rating

  -- Banco Santander S.A. - Cayman Branch: Baa3 long-term foreign
     currency junior subordinated debt

  -- Banco Sofisa S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Votorantim S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Votorantim S.A. (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- BES Investimento do Brasil S.A.: Ba2 long-term foreign
     currency deposit rating and Baa3 long-term foreign currency
     bond rating

  -- HSBC Bank Brasil S.A. - Banco Multiplo: Ba2 long-term foreign
     currency deposit rating

  -- ING Bank N.V. - Sao Paulo: Ba2 long-term foreign-currency
     deposit rating

  -- Uniao de Bancos Brasileiros S.A. - Unibanco: Ba2 long-term
     foreign currency deposit rating

Moody's last rating action on Banco ABC Brasil was on June 3,
2009, when Moody's concluded the review confirming the bank's BFSR
at D+ (D plus) and the outlook changed to stable.

Moody's last rating action on Banco BBM was August 23, 2007, when
the bank's long-term foreign currency deposit rating was upgraded
to Ba2, following the same action on the country's foreign
currency deposit ceiling.

Moody's last rating action on Banco BGN was on November 10, 2008,
when the bank's long-term global local currency deposit rating was
upgraded to Ba1, the long-term foreign currency rating to Ba2 and
the long-term national scale deposit rating to Aa2.br from A2.br,
following the regulatory approval of BGN's acquisition by BNP
Paribas Group in Brazil; stable outlook.

Moody's last rating action on Banco Bradesco was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2, and the foreign currency bond rating
was upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Bradesco (Grand Cayman branch)
was on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating and foreign currency junior subordinated bond
rating were upgraded to Baa3, following the same action on the
country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Citibank S.A. was on
January 19, 2009, when the bank's BFSR of C- was placed on review
for possible downgrade and the baseline credit assessment (BCA)
was lowered to Baa2.

Moody's last rating action on Banco Industrial e Comercial was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Itau Unibanco (former Banco Itau)
was on November 3, 2008, when the bank's ratings were affirmed
following the announcement of the merger with Unibanco; stable
outlook.

Moody's last rating action on Itau Unibanco (Cayman Islands),
former Banco Itau Cayman Islands, was on August 23, 2007, when the
bank's long-term foreign-currency bank deposit rating was upgraded
to Ba2 and the long-term foreign-currency senior bond rating was
upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Itau BBA was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2 and the long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency deposit and bond ceilings;
stable outlook.

Moody's last rating action on Banco Itau BBA (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Safra was on August 23, 2007,
when the bank's long-term foreign-currency bank deposit rating was
upgraded to Ba2, following the same action on the country's
foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Banco Santander (Brazil) was on
November 17, 2008, when the bank's BFSR was upgraded to C and the
local currency deposit rating upgraded to A2, following the
regulatory approval of the acquisition of Banco Real in Brazil
(ABN AMRO's operations); stable outlook.

Moody's last rating action on Banco Santander (Cayman Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
junior subordinate debt rating was upgraded to Baa3, following the
same action on the country's foreign currency bond ceiling; stable
outlook.

Moody's last rating action on Banco Sofisa was on October 4, 2008,
when the rating agency assigned a D+ BFSR, Ba1/NP long and short-
term local currency deposit ratings, Ba2/NP long and short-term
foreign currency deposit ratings and Aa2.br/BR-1 national scale
deposit rating in Brazil; stable outlook.

Moody's last rating action on Banco Votorantim was on January 15,
2009, when the bank's Baa1 local currency deposit rating was
placed on review for possible upgrade, following the announcement
of the partnership with Banco do Brasil.

Moody's last rating action on Banco Votorantim (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on BES Investimento do Brasil was on
April 23, 2009, when the bank's long-term GLC deposit rating of
Baa1 was placed on review for possible downgrade, following an
action at the parent bank Banco Espirito Santo (Portugal), and all
other ratings were affirmed with stable outlook.

Moody's last rating action on HSBC Bank Brasil was on April 17,
2009, when the bank's ratings were affirmed; stable outlook.

Moody's last rating action on ING Bank (Sao Paulo) was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Unibanco was on November 3, 2008,
when the bank's ratings were affirmed following the announcement
of the merger with Banco Itau; stable outlook.


BANCO BBM: Moody's Puts Ba2 Rating on Review for Possible Upgrade
-----------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 long-term foreign currency deposit ratings of certain
Brazilian banks.  Moody's also placed on review for upgrade the
Baa3 foreign currency bond ratings of selected Brazilian banks, as
well as the Baa3 long-term foreign-currency subordinate perpetual
bond ratings of Banco Bradesco S.A., Grand Cayman Branch, Banco
Santander S.A. -- Cayman Branch and Itau Unibanco S.A. (Cayman
Islands).

These rating actions are the direct result of Moody's review for
possible upgrade of Brazil's Baa3 country ceiling for foreign
currency bonds and notes, as well as Brazil's Ba2 country ceiling
for foreign currency deposits.

The agency noted that the actions on the deposit and bond ratings
of the banks have no effects on their financial strength ratings
or local currency deposit ratings or their respective outlooks.

These ratings have been placed on review for possible upgrade:

  -- Banco ABC Brasil S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco BBM S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco BGN S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco Bradesco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Bradesco S.A. (Grand Cayman Branch): Baa3 long-term
     foreign currency bond rating and Baa3 long-term foreign
     currency junior subordinated debt rating

  -- Banco Citibank S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Industrial e Comercial S.A - BICBANCO: Ba2 long-term
     foreign currency deposit rating

  -- Itau Unibanco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Itau Unibanco S.A. (Cayman Islands): Ba2 long-term foreign
     currency deposit rating, Baa3 long-term foreign currency bond
     rating and Baa3 long-term foreign currency junior
     subordinated debt rating

  -- Banco Itau BBA S.A.: Ba2 long-term foreign-currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Itau BBA (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- Banco Safra S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Santander S.A. (Brazil): Ba2 long-term foreign currency
     deposit rating

  -- Banco Santander S.A. - Cayman Branch: Baa3 long-term foreign
     currency junior subordinated debt

  -- Banco Sofisa S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Votorantim S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Votorantim S.A. (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- BES Investimento do Brasil S.A.: Ba2 long-term foreign
     currency deposit rating and Baa3 long-term foreign currency
     bond rating

  -- HSBC Bank Brasil S.A. - Banco Multiplo: Ba2 long-term foreign
     currency deposit rating

  -- ING Bank N.V. - Sao Paulo: Ba2 long-term foreign-currency
     deposit rating

  -- Uniao de Bancos Brasileiros S.A. - Unibanco: Ba2 long-term
     foreign currency deposit rating

Moody's last rating action on Banco ABC Brasil was on June 3,
2009, when Moody's concluded the review confirming the bank's BFSR
at D+ (D plus) and the outlook changed to stable.

Moody's last rating action on Banco BBM was August 23, 2007, when
the bank's long-term foreign currency deposit rating was upgraded
to Ba2, following the same action on the country's foreign
currency deposit ceiling.

Moody's last rating action on Banco BGN was on November 10, 2008,
when the bank's long-term global local currency deposit rating was
upgraded to Ba1, the long-term foreign currency rating to Ba2 and
the long-term national scale deposit rating to Aa2.br from A2.br,
following the regulatory approval of BGN's acquisition by BNP
Paribas Group in Brazil; stable outlook.

Moody's last rating action on Banco Bradesco was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2, and the foreign currency bond rating
was upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Bradesco (Grand Cayman branch)
was on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating and foreign currency junior subordinated bond
rating were upgraded to Baa3, following the same action on the
country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Citibank S.A. was on
January 19, 2009, when the bank's BFSR of C- was placed on review
for possible downgrade and the baseline credit assessment (BCA)
was lowered to Baa2.

Moody's last rating action on Banco Industrial e Comercial was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Itau Unibanco (former Banco Itau)
was on November 3, 2008, when the bank's ratings were affirmed
following the announcement of the merger with Unibanco; stable
outlook.

Moody's last rating action on Itau Unibanco (Cayman Islands),
former Banco Itau Cayman Islands, was on August 23, 2007, when the
bank's long-term foreign-currency bank deposit rating was upgraded
to Ba2 and the long-term foreign-currency senior bond rating was
upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Itau BBA was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2 and the long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency deposit and bond ceilings;
stable outlook.

Moody's last rating action on Banco Itau BBA (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Safra was on August 23, 2007,
when the bank's long-term foreign-currency bank deposit rating was
upgraded to Ba2, following the same action on the country's
foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Banco Santander (Brazil) was on
November 17, 2008, when the bank's BFSR was upgraded to C and the
local currency deposit rating upgraded to A2, following the
regulatory approval of the acquisition of Banco Real in Brazil
(ABN AMRO's operations); stable outlook.

Moody's last rating action on Banco Santander (Cayman Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
junior subordinate debt rating was upgraded to Baa3, following the
same action on the country's foreign currency bond ceiling; stable
outlook.

Moody's last rating action on Banco Sofisa was on October 4, 2008,
when the rating agency assigned a D+ BFSR, Ba1/NP long and short-
term local currency deposit ratings, Ba2/NP long and short-term
foreign currency deposit ratings and Aa2.br/BR-1 national scale
deposit rating in Brazil; stable outlook.

Moody's last rating action on Banco Votorantim was on January 15,
2009, when the bank's Baa1 local currency deposit rating was
placed on review for possible upgrade, following the announcement
of the partnership with Banco do Brasil.

Moody's last rating action on Banco Votorantim (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on BES Investimento do Brasil was on
April 23, 2009, when the bank's long-term GLC deposit rating of
Baa1 was placed on review for possible downgrade, following an
action at the parent bank Banco Espirito Santo (Portugal), and all
other ratings were affirmed with stable outlook.

Moody's last rating action on HSBC Bank Brasil was on April 17,
2009, when the bank's ratings were affirmed; stable outlook.

Moody's last rating action on ING Bank (Sao Paulo) was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Unibanco was on November 3, 2008,
when the bank's ratings were affirmed following the announcement
of the merger with Banco Itau; stable outlook.


BANCO BGN: Moody's Puts Ba2 Rating on Review for Possible Upgrade
-----------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 long-term foreign currency deposit ratings of certain
Brazilian banks.  Moody's also placed on review for upgrade the
Baa3 foreign currency bond ratings of selected Brazilian banks, as
well as the Baa3 long-term foreign-currency subordinate perpetual
bond ratings of Banco Bradesco S.A., Grand Cayman Branch, Banco
Santander S.A. -- Cayman Branch and Itau Unibanco S.A. (Cayman
Islands).

These rating actions are the direct result of Moody's review for
possible upgrade of Brazil's Baa3 country ceiling for foreign
currency bonds and notes, as well as Brazil's Ba2 country ceiling
for foreign currency deposits.

The agency noted that the actions on the deposit and bond ratings
of the banks have no effects on their financial strength ratings
or local currency deposit ratings or their respective outlooks.

These ratings have been placed on review for possible upgrade:

  -- Banco ABC Brasil S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco BBM S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco BGN S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco Bradesco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Bradesco S.A. (Grand Cayman Branch): Baa3 long-term
     foreign currency bond rating and Baa3 long-term foreign
     currency junior subordinated debt rating

  -- Banco Citibank S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Industrial e Comercial S.A - BICBANCO: Ba2 long-term
     foreign currency deposit rating

  -- Itau Unibanco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Itau Unibanco S.A. (Cayman Islands): Ba2 long-term foreign
     currency deposit rating, Baa3 long-term foreign currency bond
     rating and Baa3 long-term foreign currency junior
     subordinated debt rating

  -- Banco Itau BBA S.A.: Ba2 long-term foreign-currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Itau BBA (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- Banco Safra S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Santander S.A. (Brazil): Ba2 long-term foreign currency
     deposit rating

  -- Banco Santander S.A. - Cayman Branch: Baa3 long-term foreign
     currency junior subordinated debt

  -- Banco Sofisa S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Votorantim S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Votorantim S.A. (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- BES Investimento do Brasil S.A.: Ba2 long-term foreign
     currency deposit rating and Baa3 long-term foreign currency
     bond rating

  -- HSBC Bank Brasil S.A. - Banco Multiplo: Ba2 long-term foreign
     currency deposit rating

  -- ING Bank N.V. - Sao Paulo: Ba2 long-term foreign-currency
     deposit rating

  -- Uniao de Bancos Brasileiros S.A. - Unibanco: Ba2 long-term
     foreign currency deposit rating

Moody's last rating action on Banco ABC Brasil was on June 3,
2009, when Moody's concluded the review confirming the bank's BFSR
at D+ (D plus) and the outlook changed to stable.

Moody's last rating action on Banco BBM was August 23, 2007, when
the bank's long-term foreign currency deposit rating was upgraded
to Ba2, following the same action on the country's foreign
currency deposit ceiling.

Moody's last rating action on Banco BGN was on November 10, 2008,
when the bank's long-term global local currency deposit rating was
upgraded to Ba1, the long-term foreign currency rating to Ba2 and
the long-term national scale deposit rating to Aa2.br from A2.br,
following the regulatory approval of BGN's acquisition by BNP
Paribas Group in Brazil; stable outlook.

Moody's last rating action on Banco Bradesco was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2, and the foreign currency bond rating
was upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Bradesco (Grand Cayman branch)
was on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating and foreign currency junior subordinated bond
rating were upgraded to Baa3, following the same action on the
country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Citibank S.A. was on
January 19, 2009, when the bank's BFSR of C- was placed on review
for possible downgrade and the baseline credit assessment (BCA)
was lowered to Baa2.

Moody's last rating action on Banco Industrial e Comercial was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Itau Unibanco (former Banco Itau)
was on November 3, 2008, when the bank's ratings were affirmed
following the announcement of the merger with Unibanco; stable
outlook.

Moody's last rating action on Itau Unibanco (Cayman Islands),
former Banco Itau Cayman Islands, was on August 23, 2007, when the
bank's long-term foreign-currency bank deposit rating was upgraded
to Ba2 and the long-term foreign-currency senior bond rating was
upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Itau BBA was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2 and the long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency deposit and bond ceilings;
stable outlook.

Moody's last rating action on Banco Itau BBA (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Safra was on August 23, 2007,
when the bank's long-term foreign-currency bank deposit rating was
upgraded to Ba2, following the same action on the country's
foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Banco Santander (Brazil) was on
November 17, 2008, when the bank's BFSR was upgraded to C and the
local currency deposit rating upgraded to A2, following the
regulatory approval of the acquisition of Banco Real in Brazil
(ABN AMRO's operations); stable outlook.

Moody's last rating action on Banco Santander (Cayman Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
junior subordinate debt rating was upgraded to Baa3, following the
same action on the country's foreign currency bond ceiling; stable
outlook.

Moody's last rating action on Banco Sofisa was on October 4, 2008,
when the rating agency assigned a D+ BFSR, Ba1/NP long and short-
term local currency deposit ratings, Ba2/NP long and short-term
foreign currency deposit ratings and Aa2.br/BR-1 national scale
deposit rating in Brazil; stable outlook.

Moody's last rating action on Banco Votorantim was on January 15,
2009, when the bank's Baa1 local currency deposit rating was
placed on review for possible upgrade, following the announcement
of the partnership with Banco do Brasil.

Moody's last rating action on Banco Votorantim (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on BES Investimento do Brasil was on
April 23, 2009, when the bank's long-term GLC deposit rating of
Baa1 was placed on review for possible downgrade, following an
action at the parent bank Banco Espirito Santo (Portugal), and all
other ratings were affirmed with stable outlook.

Moody's last rating action on HSBC Bank Brasil was on April 17,
2009, when the bank's ratings were affirmed; stable outlook.

Moody's last rating action on ING Bank (Sao Paulo) was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Unibanco was on November 3, 2008,
when the bank's ratings were affirmed following the announcement
of the merger with Banco Itau; stable outlook.


BANCO BRADESCO: Moody's Puts Ba2 Rating on Review
-------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 long-term foreign currency deposit ratings of certain
Brazilian banks.  Moody's also placed on review for upgrade the
Baa3 foreign currency bond ratings of selected Brazilian banks, as
well as the Baa3 long-term foreign-currency subordinate perpetual
bond ratings of Banco Bradesco S.A., Grand Cayman Branch, Banco
Santander S.A. -- Cayman Branch and Itau Unibanco S.A. (Cayman
Islands).

These rating actions are the direct result of Moody's review for
possible upgrade of Brazil's Baa3 country ceiling for foreign
currency bonds and notes, as well as Brazil's Ba2 country ceiling
for foreign currency deposits.

The agency noted that the actions on the deposit and bond ratings
of the banks have no effects on their financial strength ratings
or local currency deposit ratings or their respective outlooks.

These ratings have been placed on review for possible upgrade:

  -- Banco ABC Brasil S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco BBM S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco BGN S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco Bradesco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Bradesco S.A. (Grand Cayman Branch): Baa3 long-term
     foreign currency bond rating and Baa3 long-term foreign
     currency junior subordinated debt rating

  -- Banco Citibank S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Industrial e Comercial S.A - BICBANCO: Ba2 long-term
     foreign currency deposit rating

  -- Itau Unibanco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Itau Unibanco S.A. (Cayman Islands): Ba2 long-term foreign
     currency deposit rating, Baa3 long-term foreign currency bond
     rating and Baa3 long-term foreign currency junior
     subordinated debt rating

  -- Banco Itau BBA S.A.: Ba2 long-term foreign-currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Itau BBA (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- Banco Safra S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Santander S.A. (Brazil): Ba2 long-term foreign currency
     deposit rating

  -- Banco Santander S.A. - Cayman Branch: Baa3 long-term foreign
     currency junior subordinated debt

  -- Banco Sofisa S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Votorantim S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Votorantim S.A. (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- BES Investimento do Brasil S.A.: Ba2 long-term foreign
     currency deposit rating and Baa3 long-term foreign currency
     bond rating

  -- HSBC Bank Brasil S.A. - Banco Multiplo: Ba2 long-term foreign
     currency deposit rating

  -- ING Bank N.V. - Sao Paulo: Ba2 long-term foreign-currency
     deposit rating

  -- Uniao de Bancos Brasileiros S.A. - Unibanco: Ba2 long-term
     foreign currency deposit rating

Moody's last rating action on Banco ABC Brasil was on June 3,
2009, when Moody's concluded the review confirming the bank's BFSR
at D+ (D plus) and the outlook changed to stable.

Moody's last rating action on Banco BBM was August 23, 2007, when
the bank's long-term foreign currency deposit rating was upgraded
to Ba2, following the same action on the country's foreign
currency deposit ceiling.

Moody's last rating action on Banco BGN was on November 10, 2008,
when the bank's long-term global local currency deposit rating was
upgraded to Ba1, the long-term foreign currency rating to Ba2 and
the long-term national scale deposit rating to Aa2.br from A2.br,
following the regulatory approval of BGN's acquisition by BNP
Paribas Group in Brazil; stable outlook.

Moody's last rating action on Banco Bradesco was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2, and the foreign currency bond rating
was upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Bradesco (Grand Cayman branch)
was on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating and foreign currency junior subordinated bond
rating were upgraded to Baa3, following the same action on the
country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Citibank S.A. was on
January 19, 2009, when the bank's BFSR of C- was placed on review
for possible downgrade and the baseline credit assessment (BCA)
was lowered to Baa2.

Moody's last rating action on Banco Industrial e Comercial was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Itau Unibanco (former Banco Itau)
was on November 3, 2008, when the bank's ratings were affirmed
following the announcement of the merger with Unibanco; stable
outlook.

Moody's last rating action on Itau Unibanco (Cayman Islands),
former Banco Itau Cayman Islands, was on August 23, 2007, when the
bank's long-term foreign-currency bank deposit rating was upgraded
to Ba2 and the long-term foreign-currency senior bond rating was
upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Itau BBA was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2 and the long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency deposit and bond ceilings;
stable outlook.

Moody's last rating action on Banco Itau BBA (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Safra was on August 23, 2007,
when the bank's long-term foreign-currency bank deposit rating was
upgraded to Ba2, following the same action on the country's
foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Banco Santander (Brazil) was on
November 17, 2008, when the bank's BFSR was upgraded to C and the
local currency deposit rating upgraded to A2, following the
regulatory approval of the acquisition of Banco Real in Brazil
(ABN AMRO's operations); stable outlook.

Moody's last rating action on Banco Santander (Cayman Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
junior subordinate debt rating was upgraded to Baa3, following the
same action on the country's foreign currency bond ceiling; stable
outlook.

Moody's last rating action on Banco Sofisa was on October 4, 2008,
when the rating agency assigned a D+ BFSR, Ba1/NP long and short-
term local currency deposit ratings, Ba2/NP long and short-term
foreign currency deposit ratings and Aa2.br/BR-1 national scale
deposit rating in Brazil; stable outlook.

Moody's last rating action on Banco Votorantim was on January 15,
2009, when the bank's Baa1 local currency deposit rating was
placed on review for possible upgrade, following the announcement
of the partnership with Banco do Brasil.

Moody's last rating action on Banco Votorantim (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on BES Investimento do Brasil was on
April 23, 2009, when the bank's long-term GLC deposit rating of
Baa1 was placed on review for possible downgrade, following an
action at the parent bank Banco Espirito Santo (Portugal), and all
other ratings were affirmed with stable outlook.

Moody's last rating action on HSBC Bank Brasil was on April 17,
2009, when the bank's ratings were affirmed; stable outlook.

Moody's last rating action on ING Bank (Sao Paulo) was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Unibanco was on November 3, 2008,
when the bank's ratings were affirmed following the announcement
of the merger with Banco Itau; stable outlook.


BANCO CITIBANK: Moody's Puts Ba2 Rating on Review
-------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 long-term foreign currency deposit ratings of certain
Brazilian banks.  Moody's also placed on review for upgrade the
Baa3 foreign currency bond ratings of selected Brazilian banks, as
well as the Baa3 long-term foreign-currency subordinate perpetual
bond ratings of Banco Bradesco S.A., Grand Cayman Branch, Banco
Santander S.A. -- Cayman Branch and Itau Unibanco S.A. (Cayman
Islands).

These rating actions are the direct result of Moody's review for
possible upgrade of Brazil's Baa3 country ceiling for foreign
currency bonds and notes, as well as Brazil's Ba2 country ceiling
for foreign currency deposits.

The agency noted that the actions on the deposit and bond ratings
of the banks have no effects on their financial strength ratings
or local currency deposit ratings or their respective outlooks.

These ratings have been placed on review for possible upgrade:

  -- Banco ABC Brasil S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco BBM S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco BGN S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco Bradesco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Bradesco S.A. (Grand Cayman Branch): Baa3 long-term
     foreign currency bond rating and Baa3 long-term foreign
     currency junior subordinated debt rating

  -- Banco Citibank S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Industrial e Comercial S.A - BICBANCO: Ba2 long-term
     foreign currency deposit rating

  -- Itau Unibanco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Itau Unibanco S.A. (Cayman Islands): Ba2 long-term foreign
     currency deposit rating, Baa3 long-term foreign currency bond
     rating and Baa3 long-term foreign currency junior
     subordinated debt rating

  -- Banco Itau BBA S.A.: Ba2 long-term foreign-currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Itau BBA (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- Banco Safra S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Santander S.A. (Brazil): Ba2 long-term foreign currency
     deposit rating

  -- Banco Santander S.A. - Cayman Branch: Baa3 long-term foreign
     currency junior subordinated debt

  -- Banco Sofisa S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Votorantim S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Votorantim S.A. (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- BES Investimento do Brasil S.A.: Ba2 long-term foreign
     currency deposit rating and Baa3 long-term foreign currency
     bond rating

  -- HSBC Bank Brasil S.A. - Banco Multiplo: Ba2 long-term foreign
     currency deposit rating

  -- ING Bank N.V. - Sao Paulo: Ba2 long-term foreign-currency
     deposit rating

  -- Uniao de Bancos Brasileiros S.A. - Unibanco: Ba2 long-term
     foreign currency deposit rating

Moody's last rating action on Banco ABC Brasil was on June 3,
2009, when Moody's concluded the review confirming the bank's BFSR
at D+ (D plus) and the outlook changed to stable.

Moody's last rating action on Banco BBM was August 23, 2007, when
the bank's long-term foreign currency deposit rating was upgraded
to Ba2, following the same action on the country's foreign
currency deposit ceiling.

Moody's last rating action on Banco BGN was on November 10, 2008,
when the bank's long-term global local currency deposit rating was
upgraded to Ba1, the long-term foreign currency rating to Ba2 and
the long-term national scale deposit rating to Aa2.br from A2.br,
following the regulatory approval of BGN's acquisition by BNP
Paribas Group in Brazil; stable outlook.

Moody's last rating action on Banco Bradesco was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2, and the foreign currency bond rating
was upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Bradesco (Grand Cayman branch)
was on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating and foreign currency junior subordinated bond
rating were upgraded to Baa3, following the same action on the
country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Citibank S.A. was on
January 19, 2009, when the bank's BFSR of C- was placed on review
for possible downgrade and the baseline credit assessment (BCA)
was lowered to Baa2.

Moody's last rating action on Banco Industrial e Comercial was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Itau Unibanco (former Banco Itau)
was on November 3, 2008, when the bank's ratings were affirmed
following the announcement of the merger with Unibanco; stable
outlook.

Moody's last rating action on Itau Unibanco (Cayman Islands),
former Banco Itau Cayman Islands, was on August 23, 2007, when the
bank's long-term foreign-currency bank deposit rating was upgraded
to Ba2 and the long-term foreign-currency senior bond rating was
upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Itau BBA was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2 and the long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency deposit and bond ceilings;
stable outlook.

Moody's last rating action on Banco Itau BBA (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Safra was on August 23, 2007,
when the bank's long-term foreign-currency bank deposit rating was
upgraded to Ba2, following the same action on the country's
foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Banco Santander (Brazil) was on
November 17, 2008, when the bank's BFSR was upgraded to C and the
local currency deposit rating upgraded to A2, following the
regulatory approval of the acquisition of Banco Real in Brazil
(ABN AMRO's operations); stable outlook.

Moody's last rating action on Banco Santander (Cayman Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
junior subordinate debt rating was upgraded to Baa3, following the
same action on the country's foreign currency bond ceiling; stable
outlook.

Moody's last rating action on Banco Sofisa was on October 4, 2008,
when the rating agency assigned a D+ BFSR, Ba1/NP long and short-
term local currency deposit ratings, Ba2/NP long and short-term
foreign currency deposit ratings and Aa2.br/BR-1 national scale
deposit rating in Brazil; stable outlook.

Moody's last rating action on Banco Votorantim was on January 15,
2009, when the bank's Baa1 local currency deposit rating was
placed on review for possible upgrade, following the announcement
of the partnership with Banco do Brasil.

Moody's last rating action on Banco Votorantim (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on BES Investimento do Brasil was on
April 23, 2009, when the bank's long-term GLC deposit rating of
Baa1 was placed on review for possible downgrade, following an
action at the parent bank Banco Espirito Santo (Portugal), and all
other ratings were affirmed with stable outlook.

Moody's last rating action on HSBC Bank Brasil was on April 17,
2009, when the bank's ratings were affirmed; stable outlook.

Moody's last rating action on ING Bank (Sao Paulo) was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Unibanco was on November 3, 2008,
when the bank's ratings were affirmed following the announcement
of the merger with Banco Itau; stable outlook.

BANCO DO BRASIL: To Record BRL200 Million Gain in Third Quarter
---------------------------------------------------------------
Banco do Brasil SA said it will report a one-time gain of
BRL200 million or US$100 million in its third-quarter results,
after it exercised its option to sell an extra lot of shares
through the initial public offering of Companhia Brasileir de
Meios de Pagamento (VisaNet do Brasil), Rogerio Jelmayer of Dow
Jones Newswires reports.  The report relates the bank said it sold
14.3 million of shares through the extra lot.

The Troubled Company Reporter-Latin America disclosed on July 2,
2009, citing Dow Jones Newswires, that Banco do Brasil said it
will report a one-time gain of BRL1.4 billion or US$720 million in
the second-quarter due to the sale of a 7.05% stake in VisaNet's
initial public offering.  The report related the company had a 32%
stake in Visanet before the IPO.  According to the report, Banco
do Brasil said it sold its stake in VisaNet through subsidiary BB
Banco de Investimento.  Dow Jones Newswires related that VisaNet's
shareholders raised BRL8.4 billion through the company's IPO.

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                       *     *     *

As of July 1, 2009, the company continues to carry Moody's Ba2
Foreign LT Bank Deposit Rating.


BANCO DO BRASIL: Moody's Shifts Outlook on C BFSR to Positive
-------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the Ba2 long-term foreign-currency deposit ratings of
Banco do Brasil S.A. and its subsidiary Banco Nossa Caixa S.A., as
well as those of Caixa Economica Federal, and of Banco Nacional de
Desenvolvimento Economico e Social S.A., following similar actions
taken on the sovereign ratings of the Brazil government.  The Not
Prime short-term foreign currency deposit ratings are not affected
and remain unchanged.  Moody's also placed on review for possible
upgrade the Baa3 foreign currency debt ratings assigned to bonds
issued by BB and BNDES.

At the same time, Moody's has placed on review for possible
downgrade the A1/ Prime-1 long- and short-term global local
currency deposit ratings of Banco do Brasil, Banco Nossa Caixa and
Caixa Economica Federal, as well as the A1 local currency issuer
rating assigned to BNDES; these actions are being taken in
response to Moody's global reassessment of the systemic support
available to banks following the global financial crisis.  Also
placed on review for possible downgrade are the A1 local currency
issuer and debt ratings assigned to BNDES Participacoes S.A. -
BNDESPAR.

Moody's explained that of the 37 banks it currently rates in
Brazil, only the four government-owned banks (BB, NC, CEF, and
BNDES) are likely to be affected by this reassessment of systemic
support because their deposit and issuer ratings benefit from
several notches of uplift.  Moody's also noted that the review is
focused on bank ratings and, therefore, there is no current or
expected similar impact on ratings of Brazil's government-owned
non-financial companies.

The national scale deposit ratings of Aaa.br assigned to BB, NC,
CEF and BNDES have all been affirmed, with a stable outlook.
Also, the Aaa.br national scale issuer and debt ratings assigned
to BNDESPAR are not affected by this action and remain unchanged.

Separately, Moody's affirmed Banco do Brasil and Banco Nossa
Caixa's C bank financial strength ratings (BFSR, which maps to a
baseline credit assessment - BCA - of A3), but changed the outlook
on them to positive, from stable. Caixa Economica Federal's BFSR
of D+ (BCA of Baa3) was also affirmed with a stable outlook.  (As
a non deposit-taking government related issuer, BNDES is not
assigned a financial strength rating).  These specific actions
follow Moody's initiative of recalibrating banks' stand-alone
ratings in light of heightened emphasis on utilizing scenario
analysis of banks' risk assets to determine adequacy of
capitalization under both Moody's expected and adverse
macroeconomic outlooks.

       Review of Foreign Currency Debt and Deposit Ratings

The review for possible upgrade of the banks' foreign-currency
deposit and debt ratings is the direct result of the sovereign
action announced yesterday; Moody's will review for possible
upgrade the Ba2 country ceiling for foreign currency bank deposits
and the Baa3 country ceiling for foreign currency bonds.  Because
BB and BNDES's current debt ratings of Baa3 are constrained by the
country ceiling for foreign currency debt, the potential upgrade
of the ceiling would be expected to result in the upgrade of the
banks' bond ratings.

        Review of Local Currency Deposit and Debt Ratings

The review of the local-currency deposit and debt ratings of BB,
NC, CEF and BNDES follows Moody's global reassessment of probable
systemic support available to these bank ratings.  The review will
determine the extent to which the level of systemic support that
is currently incorporated into these banks' local currency ratings
-- which ranges from two to seven notches of uplift -- should be
more closely aligned to the Brazilian government's local currency
bond rating.

Moody's believes that most governments are at least as likely, if
not more likely, to support their banking systems as they are to
service their own debt -- a view that has traditionally led to
bank ratings often benefiting from significant uplift because of
the probability of systemic support.  However, the rating agency
has also recognized that the capacity of a country and its central
bank to support the nation's banks may converge with -- and may
even be increasingly constrained by -- the government's own debt
capacity when faced with situations of systemic stress.  This is
particularly true when governments are faced with systemic crises
that could place indiscriminate pressure on the major banks in a
system; the current financial crisis has exposed this risk in many
systems globally, requiring Moody's to reassess the amount of
uplift above the debt ratings of governments that is appropriate
in its evaluation of systemic support of banks.

Moody's again explained that it currently rates 37 banks in
Brazil, but that only the four government-owned banks are likely
to be affected by this reassessment because their deposit ratings
benefit from several notches of uplift due to systemic support.

At present, the rating agency does not incorporate any probability
of systemic support to the deposit ratings of many of the medium
and small rated Brazilian banks.  Large private banks, whose
intrinsic financial strengths are already at Brazil's A1 ceiling
for bank deposits, also do not benefit from systemic support on
their deposit ratings, while those subsidiaries of foreign banks
primarily gain uplift from parental support.

As part of its review, Moody's will analyze the specific
circumstances of Brazil to determine the appropriate level of
systemic support for Brazilian bank ratings, as well as the
implications for the deposit ratings of the above-mentioned banks.
Factors that the agency will consider in its assessment of
systemic support include the banking industry's size in relation
to government resources, the level of stress in the system, its
foreign currency obligations relative to the government's own
foreign exchange resources, and any changes to the government's
political patterns and priorities.

In this regard, Moody's will also take into account the particular
factors being evaluated in the review for possible upgrade of the
sovereign ratings.

Amid the current global crisis, the rating agency emphasized that
the Brazilian authorities have acted forcefully to ensure the
stability of the banking system by employing safeguards that have
been long-built into their regulatory framework.  Among the most
relevant measures are the use of sizable reserve requirements on
deposits and the application of part of the central bank's foreign
currency reserves to support banks' liquidity and funding needs
(with no fiscal consequences).

Moody's also notes that the government-owned banks have played an
important role in supporting the economy and in the orderly
performance of the banking system, commanding significant deposit
inflows in this period -- a dynamic that in part explains the
positive outlook on Banco do Brasil's stand-alone BFSR rating.

In Moody's view, the level of credit stress in the Brazilian
banking system has been muted, although signs of asset quality
deterioration and pressures on profits are evident and could
increase further, were economic conditions to deteriorate.

          Affirmation of Bank Financial Strength Ratings

In its reassessment of the banks' financial strength ratings and
their outlooks, Moody's employs scenario analysis to determine the
potential for expected losses on loan and investment portfolios;
this method evaluates both anticipated and highly stressed
scenarios to estimate the resulting impact on bank capitalization.
In light of the weakened global economic environment, such an
approach places greater emphasis on banks' capital adequacy and
future earnings prospects.

In affirming Banco do Brasil and Banco Nossa Caixa's C bank
financial strength ratings with a positive outlook, Moody's
acknowledges the favorable trends for the banks' franchise and
competitive positions, as well as for their financial metrics,
which continue to converge with those of higher rated banks.  The
positive outlook also reflects Banco do Brasil's dominant deposit
franchise and liquidity, which have been further strengthened in
the current market turmoil.

Moody's also pointed out that the banks' capitalization is
positioned to withstand potentially higher credit losses over the
near term at its current rating level, despite the challenges of a
robust recent growth in lending.  This assessment is predicated on
the banks' earnings-generation capacity and diversity, as well as
on adequate provisioning policies.

In affirming Caixa Economica Federal's D+ (D plus) bank financial
strength rating with a stable outlook, Moody's explained that the
bank's capitalization could well withstand potentially higher
credit losses in the near term at its current rating level.  The
rating agency also noted that CEF's high growth rates over the
past quarters could translate into an improved earnings stream,
although such growth could strain its operating structure and
pressure its financial fundamentals, as well.

       Previous Ratings Actions and Principal Methodologies

The last rating action on Banco do Brasil was on January 15, 2009,
when all of its ratings were affirmed following the announcement
of the partnership with Banco Votorantim S.A.

The last rating action on Banco Nossa Caixa was on March 24, 2009;
at that time, Moody's upgraded its BFSR and global local currency
deposit ratings following regulatory approval for its acquisition
by Banco do Brasil.  NC's foreign currency deposit and national
scale ratings were also affirmed.

The last rating action on Caixa Economica Federal was on
August 23, 2007, when the long-term foreign currency deposit
rating was upgraded to Ba2, following the upgrade of Brazil's
foreign currency deposit ceiling.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social was on August 23, 2007, when the long-term
foreign currency deposit rating was upgraded to Ba2, following the
upgrade of Brazil's foreign currency deposit ceiling.

The last rating action on BNDESPAR was on July 7, 2008, when
Moody's rated its local currency debentures.

The detailed ratings and actions are listed below:

Banco do Brasil S.A.

  -- Bank Financial Strength rating of C: outlook changed to
     positive from stable

  -- Global long and short-term local currency (GLC) deposit
     ratings of A1/ Prime -1: placed on review for possible
     downgrade

  -- Long-term foreign currency deposit rating of Ba2: placed on
     review for possible upgrade

  -- Long-term foreign currency debt rating of Baa3: placed on
     review for possible upgrade

  -- Long and short-term national scale deposit ratings of Aaa.br/
     Br-1: affirmed with stable outlook

  -- Short-term foreign currency deposit rating of Not Prime:
     affirmed

Banco do Brasil, Cayman Branch:

  -- Foreign currency senior and junior subordinated debt ratings
     of Baa3: placed on review for possible upgrade

Banco Nossa Caixa S.A.

  -- Bank Financial Strength rating of C: outlook changed to
     positive from stable

  -- Global long and short-term local currency (GLC) deposit
     ratings of A1/ Prime -1: placed on review for possible
     downgrade

  -- Long-term foreign currency deposit rating of Ba2   -- placed
     on review for possible upgrade

  -- Long and short-term national scale deposit rating of Aaa.br/
     BR-1: affirmed with stable outlook

  -- Short-term foreign currency deposit rating of Not Prime:
     affirmed

Caixa Economica Federal

  -- Bank financial strength rating of D+: affirmed with stable
     outlook

  -- Global long and short-term local currency (GLC) deposit
     ratings of A1/ Prime 1: placed on review for possible
     downgrade

  -- Long-term foreign currency deposit rating of Ba2: placed on
     review for possible upgrade

  -- Long and short-term national scale deposit rating of Aaa.br/
     BR-1: affirmed with stable outlook

  -- Short-term foreign currency deposit rating of Not Prime:
     affirmed

Banco Nacional de Desenvolvimento Economico e Social S.A.

  -- Global long and short-term local currency (GLC) issuer
     ratings of A1/ Prime 1: placed on review for possible
     downgrade

  -- Long-term foreign currency deposit rating of Ba2: placed on
     review for possible upgrade

  -- Long and short-term national scale deposit rating of Aaa.br/
     BR-1: affirmed with stable outlook

  -- Short-term foreign currency deposit rating of Not Prime:
     affirmed

BNDESPAR -- BNDES Participacoes S.A.:

  -- Global local currency issuer rating of A1: placed on review
     for possible downgrade

  -- Global local currency debt rating of A1: placed on review for
     possible downgrade

  -- National scale issuer rating of Aaa.br: affirmed with stable
     outlook.

  -- National scale debt rating of Aaa.br: affirmed with stable
     outlook


BANCO INDUSTRIAL: Moody's Puts Ba2 Rating on Review
---------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 long-term foreign currency deposit ratings of certain
Brazilian banks.  Moody's also placed on review for upgrade the
Baa3 foreign currency bond ratings of selected Brazilian banks, as
well as the Baa3 long-term foreign-currency subordinate perpetual
bond ratings of Banco Bradesco S.A., Grand Cayman Branch, Banco
Santander S.A. -- Cayman Branch and Itau Unibanco S.A. (Cayman
Islands).

These rating actions are the direct result of Moody's review for
possible upgrade of Brazil's Baa3 country ceiling for foreign
currency bonds and notes, as well as Brazil's Ba2 country ceiling
for foreign currency deposits.

The agency noted that the actions on the deposit and bond ratings
of the banks have no effects on their financial strength ratings
or local currency deposit ratings or their respective outlooks.

These ratings have been placed on review for possible upgrade:

  -- Banco ABC Brasil S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco BBM S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco BGN S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco Bradesco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Bradesco S.A. (Grand Cayman Branch): Baa3 long-term
     foreign currency bond rating and Baa3 long-term foreign
     currency junior subordinated debt rating

  -- Banco Citibank S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Industrial e Comercial S.A - BICBANCO: Ba2 long-term
     foreign currency deposit rating

  -- Itau Unibanco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Itau Unibanco S.A. (Cayman Islands): Ba2 long-term foreign
     currency deposit rating, Baa3 long-term foreign currency bond
     rating and Baa3 long-term foreign currency junior
     subordinated debt rating

  -- Banco Itau BBA S.A.: Ba2 long-term foreign-currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Itau BBA (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- Banco Safra S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Santander S.A. (Brazil): Ba2 long-term foreign currency
     deposit rating

  -- Banco Santander S.A. - Cayman Branch: Baa3 long-term foreign
     currency junior subordinated debt

  -- Banco Sofisa S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Votorantim S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Votorantim S.A. (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- BES Investimento do Brasil S.A.: Ba2 long-term foreign
     currency deposit rating and Baa3 long-term foreign currency
     bond rating

  -- HSBC Bank Brasil S.A. - Banco Multiplo: Ba2 long-term foreign
     currency deposit rating

  -- ING Bank N.V. - Sao Paulo: Ba2 long-term foreign-currency
     deposit rating

  -- Uniao de Bancos Brasileiros S.A. - Unibanco: Ba2 long-term
     foreign currency deposit rating

Moody's last rating action on Banco ABC Brasil was on June 3,
2009, when Moody's concluded the review confirming the bank's BFSR
at D+ (D plus) and the outlook changed to stable.

Moody's last rating action on Banco BBM was August 23, 2007, when
the bank's long-term foreign currency deposit rating was upgraded
to Ba2, following the same action on the country's foreign
currency deposit ceiling.

Moody's last rating action on Banco BGN was on November 10, 2008,
when the bank's long-term global local currency deposit rating was
upgraded to Ba1, the long-term foreign currency rating to Ba2 and
the long-term national scale deposit rating to Aa2.br from A2.br,
following the regulatory approval of BGN's acquisition by BNP
Paribas Group in Brazil; stable outlook.

Moody's last rating action on Banco Bradesco was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2, and the foreign currency bond rating
was upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Bradesco (Grand Cayman branch)
was on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating and foreign currency junior subordinated bond
rating were upgraded to Baa3, following the same action on the
country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Citibank S.A. was on
January 19, 2009, when the bank's BFSR of C- was placed on review
for possible downgrade and the baseline credit assessment (BCA)
was lowered to Baa2.

Moody's last rating action on Banco Industrial e Comercial was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Itau Unibanco (former Banco Itau)
was on November 3, 2008, when the bank's ratings were affirmed
following the announcement of the merger with Unibanco; stable
outlook.

Moody's last rating action on Itau Unibanco (Cayman Islands),
former Banco Itau Cayman Islands, was on August 23, 2007, when the
bank's long-term foreign-currency bank deposit rating was upgraded
to Ba2 and the long-term foreign-currency senior bond rating was
upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Itau BBA was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2 and the long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency deposit and bond ceilings;
stable outlook.

Moody's last rating action on Banco Itau BBA (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Safra was on August 23, 2007,
when the bank's long-term foreign-currency bank deposit rating was
upgraded to Ba2, following the same action on the country's
foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Banco Santander (Brazil) was on
November 17, 2008, when the bank's BFSR was upgraded to C and the
local currency deposit rating upgraded to A2, following the
regulatory approval of the acquisition of Banco Real in Brazil
(ABN AMRO's operations); stable outlook.

Moody's last rating action on Banco Santander (Cayman Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
junior subordinate debt rating was upgraded to Baa3, following the
same action on the country's foreign currency bond ceiling; stable
outlook.

Moody's last rating action on Banco Sofisa was on October 4, 2008,
when the rating agency assigned a D+ BFSR, Ba1/NP long and short-
term local currency deposit ratings, Ba2/NP long and short-term
foreign currency deposit ratings and Aa2.br/BR-1 national scale
deposit rating in Brazil; stable outlook.

Moody's last rating action on Banco Votorantim was on January 15,
2009, when the bank's Baa1 local currency deposit rating was
placed on review for possible upgrade, following the announcement
of the partnership with Banco do Brasil.

Moody's last rating action on Banco Votorantim (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on BES Investimento do Brasil was on
April 23, 2009, when the bank's long-term GLC deposit rating of
Baa1 was placed on review for possible downgrade, following an
action at the parent bank Banco Espirito Santo (Portugal), and all
other ratings were affirmed with stable outlook.

Moody's last rating action on HSBC Bank Brasil was on April 17,
2009, when the bank's ratings were affirmed; stable outlook.

Moody's last rating action on ING Bank (Sao Paulo) was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Unibanco was on November 3, 2008,
when the bank's ratings were affirmed following the announcement
of the merger with Banco Itau; stable outlook.


BANCO ITAU: Moody's Puts Ba2 Rating on Review for Possible Upgrade
------------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 long-term foreign currency deposit ratings of certain
Brazilian banks.  Moody's also placed on review for upgrade the
Baa3 foreign currency bond ratings of selected Brazilian banks, as
well as the Baa3 long-term foreign-currency subordinate perpetual
bond ratings of Banco Bradesco S.A., Grand Cayman Branch, Banco
Santander S.A. -- Cayman Branch and Itau Unibanco S.A. (Cayman
Islands).

These rating actions are the direct result of Moody's review for
possible upgrade of Brazil's Baa3 country ceiling for foreign
currency bonds and notes, as well as Brazil's Ba2 country ceiling
for foreign currency deposits.

The agency noted that the actions on the deposit and bond ratings
of the banks have no effects on their financial strength ratings
or local currency deposit ratings or their respective outlooks.

These ratings have been placed on review for possible upgrade:

  -- Banco ABC Brasil S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco BBM S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco BGN S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco Bradesco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Bradesco S.A. (Grand Cayman Branch): Baa3 long-term
     foreign currency bond rating and Baa3 long-term foreign
     currency junior subordinated debt rating

  -- Banco Citibank S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Industrial e Comercial S.A - BICBANCO: Ba2 long-term
     foreign currency deposit rating

  -- Itau Unibanco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Itau Unibanco S.A. (Cayman Islands): Ba2 long-term foreign
     currency deposit rating, Baa3 long-term foreign currency bond
     rating and Baa3 long-term foreign currency junior
     subordinated debt rating

  -- Banco Itau BBA S.A.: Ba2 long-term foreign-currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Itau BBA (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- Banco Safra S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Santander S.A. (Brazil): Ba2 long-term foreign currency
     deposit rating

  -- Banco Santander S.A. - Cayman Branch: Baa3 long-term foreign
     currency junior subordinated debt

  -- Banco Sofisa S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Votorantim S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Votorantim S.A. (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- BES Investimento do Brasil S.A.: Ba2 long-term foreign
     currency deposit rating and Baa3 long-term foreign currency
     bond rating

  -- HSBC Bank Brasil S.A. - Banco Multiplo: Ba2 long-term foreign
     currency deposit rating

  -- ING Bank N.V. - Sao Paulo: Ba2 long-term foreign-currency
     deposit rating

  -- Uniao de Bancos Brasileiros S.A. - Unibanco: Ba2 long-term
     foreign currency deposit rating

Moody's last rating action on Banco ABC Brasil was on June 3,
2009, when Moody's concluded the review confirming the bank's BFSR
at D+ (D plus) and the outlook changed to stable.

Moody's last rating action on Banco BBM was August 23, 2007, when
the bank's long-term foreign currency deposit rating was upgraded
to Ba2, following the same action on the country's foreign
currency deposit ceiling.

Moody's last rating action on Banco BGN was on November 10, 2008,
when the bank's long-term global local currency deposit rating was
upgraded to Ba1, the long-term foreign currency rating to Ba2 and
the long-term national scale deposit rating to Aa2.br from A2.br,
following the regulatory approval of BGN's acquisition by BNP
Paribas Group in Brazil; stable outlook.

Moody's last rating action on Banco Bradesco was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2, and the foreign currency bond rating
was upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Bradesco (Grand Cayman branch)
was on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating and foreign currency junior subordinated bond
rating were upgraded to Baa3, following the same action on the
country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Citibank S.A. was on
January 19, 2009, when the bank's BFSR of C- was placed on review
for possible downgrade and the baseline credit assessment (BCA)
was lowered to Baa2.

Moody's last rating action on Banco Industrial e Comercial was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Itau Unibanco (former Banco Itau)
was on November 3, 2008, when the bank's ratings were affirmed
following the announcement of the merger with Unibanco; stable
outlook.

Moody's last rating action on Itau Unibanco (Cayman Islands),
former Banco Itau Cayman Islands, was on August 23, 2007, when the
bank's long-term foreign-currency bank deposit rating was upgraded
to Ba2 and the long-term foreign-currency senior bond rating was
upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Itau BBA was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2 and the long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency deposit and bond ceilings;
stable outlook.

Moody's last rating action on Banco Itau BBA (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Safra was on August 23, 2007,
when the bank's long-term foreign-currency bank deposit rating was
upgraded to Ba2, following the same action on the country's
foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Banco Santander (Brazil) was on
November 17, 2008, when the bank's BFSR was upgraded to C and the
local currency deposit rating upgraded to A2, following the
regulatory approval of the acquisition of Banco Real in Brazil
(ABN AMRO's operations); stable outlook.

Moody's last rating action on Banco Santander (Cayman Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
junior subordinate debt rating was upgraded to Baa3, following the
same action on the country's foreign currency bond ceiling; stable
outlook.

Moody's last rating action on Banco Sofisa was on October 4, 2008,
when the rating agency assigned a D+ BFSR, Ba1/NP long and short-
term local currency deposit ratings, Ba2/NP long and short-term
foreign currency deposit ratings and Aa2.br/BR-1 national scale
deposit rating in Brazil; stable outlook.

Moody's last rating action on Banco Votorantim was on January 15,
2009, when the bank's Baa1 local currency deposit rating was
placed on review for possible upgrade, following the announcement
of the partnership with Banco do Brasil.

Moody's last rating action on Banco Votorantim (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on BES Investimento do Brasil was on
April 23, 2009, when the bank's long-term GLC deposit rating of
Baa1 was placed on review for possible downgrade, following an
action at the parent bank Banco Espirito Santo (Portugal), and all
other ratings were affirmed with stable outlook.

Moody's last rating action on HSBC Bank Brasil was on April 17,
2009, when the bank's ratings were affirmed; stable outlook.

Moody's last rating action on ING Bank (Sao Paulo) was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Unibanco was on November 3, 2008,
when the bank's ratings were affirmed following the announcement
of the merger with Banco Itau; stable outlook.


BANCO NACIONAL: Moody's Reviews Ba2 Foreign Cur. Deposit Rating
---------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the Ba2 long-term foreign-currency deposit ratings of
Banco do Brasil S.A. and its subsidiary Banco Nossa Caixa S.A., as
well as those of Caixa Economica Federal, and of Banco Nacional de
Desenvolvimento Economico e Social S.A., following similar actions
taken on the sovereign ratings of the Brazil government.  The Not
Prime short-term foreign currency deposit ratings are not affected
and remain unchanged.  Moody's also placed on review for possible
upgrade the Baa3 foreign currency debt ratings assigned to bonds
issued by BB and BNDES.

At the same time, Moody's has placed on review for possible
downgrade the A1/ Prime-1 long- and short-term global local
currency deposit ratings of Banco do Brasil, Banco Nossa Caixa and
Caixa Economica Federal, as well as the A1 local currency issuer
rating assigned to BNDES; these actions are being taken in
response to Moody's global reassessment of the systemic support
available to banks following the global financial crisis.  Also
placed on review for possible downgrade are the A1 local currency
issuer and debt ratings assigned to BNDES Participacoes S.A. -
BNDESPAR.

Moody's explained that of the 37 banks it currently rates in
Brazil, only the four government-owned banks (BB, NC, CEF, and
BNDES) are likely to be affected by this reassessment of systemic
support because their deposit and issuer ratings benefit from
several notches of uplift.  Moody's also noted that the review is
focused on bank ratings and, therefore, there is no current or
expected similar impact on ratings of Brazil's government-owned
non-financial companies.

The national scale deposit ratings of Aaa.br assigned to BB, NC,
CEF and BNDES have all been affirmed, with a stable outlook.
Also, the Aaa.br national scale issuer and debt ratings assigned
to BNDESPAR are not affected by this action and remain unchanged.

Separately, Moody's affirmed Banco do Brasil and Banco Nossa
Caixa's C bank financial strength ratings (BFSR, which maps to a
baseline credit assessment - BCA - of A3), but changed the outlook
on them to positive, from stable. Caixa Economica Federal's BFSR
of D+ (BCA of Baa3) was also affirmed with a stable outlook.  (As
a non deposit-taking government related issuer, BNDES is not
assigned a financial strength rating).  These specific actions
follow Moody's initiative of recalibrating banks' stand-alone
ratings in light of heightened emphasis on utilizing scenario
analysis of banks' risk assets to determine adequacy of
capitalization under both Moody's expected and adverse
macroeconomic outlooks.

       Review of Foreign Currency Debt and Deposit Ratings

The review for possible upgrade of the banks' foreign-currency
deposit and debt ratings is the direct result of the sovereign
action announced yesterday; Moody's will review for possible
upgrade the Ba2 country ceiling for foreign currency bank deposits
and the Baa3 country ceiling for foreign currency bonds.  Because
BB and BNDES's current debt ratings of Baa3 are constrained by the
country ceiling for foreign currency debt, the potential upgrade
of the ceiling would be expected to result in the upgrade of the
banks' bond ratings.

        Review of Local Currency Deposit and Debt Ratings

The review of the local-currency deposit and debt ratings of BB,
NC, CEF and BNDES follows Moody's global reassessment of probable
systemic support available to these bank ratings.  The review will
determine the extent to which the level of systemic support that
is currently incorporated into these banks' local currency ratings
-- which ranges from two to seven notches of uplift -- should be
more closely aligned to the Brazilian government's local currency
bond rating.

Moody's believes that most governments are at least as likely, if
not more likely, to support their banking systems as they are to
service their own debt -- a view that has traditionally led to
bank ratings often benefiting from significant uplift because of
the probability of systemic support.  However, the rating agency
has also recognized that the capacity of a country and its central
bank to support the nation's banks may converge with -- and may
even be increasingly constrained by -- the government's own debt
capacity when faced with situations of systemic stress.  This is
particularly true when governments are faced with systemic crises
that could place indiscriminate pressure on the major banks in a
system; the current financial crisis has exposed this risk in many
systems globally, requiring Moody's to reassess the amount of
uplift above the debt ratings of governments that is appropriate
in its evaluation of systemic support of banks.

Moody's again explained that it currently rates 37 banks in
Brazil, but that only the four government-owned banks are likely
to be affected by this reassessment because their deposit ratings
benefit from several notches of uplift due to systemic support.

At present, the rating agency does not incorporate any probability
of systemic support to the deposit ratings of many of the medium
and small rated Brazilian banks.  Large private banks, whose
intrinsic financial strengths are already at Brazil's A1 ceiling
for bank deposits, also do not benefit from systemic support on
their deposit ratings, while those subsidiaries of foreign banks
primarily gain uplift from parental support.

As part of its review, Moody's will analyze the specific
circumstances of Brazil to determine the appropriate level of
systemic support for Brazilian bank ratings, as well as the
implications for the deposit ratings of the above-mentioned banks.
Factors that the agency will consider in its assessment of
systemic support include the banking industry's size in relation
to government resources, the level of stress in the system, its
foreign currency obligations relative to the government's own
foreign exchange resources, and any changes to the government's
political patterns and priorities.

In this regard, Moody's will also take into account the particular
factors being evaluated in the review for possible upgrade of the
sovereign ratings.

Amid the current global crisis, the rating agency emphasized that
the Brazilian authorities have acted forcefully to ensure the
stability of the banking system by employing safeguards that have
been long-built into their regulatory framework.  Among the most
relevant measures are the use of sizable reserve requirements on
deposits and the application of part of the central bank's foreign
currency reserves to support banks' liquidity and funding needs
(with no fiscal consequences).

Moody's also notes that the government-owned banks have played an
important role in supporting the economy and in the orderly
performance of the banking system, commanding significant deposit
inflows in this period -- a dynamic that in part explains the
positive outlook on Banco do Brasil's stand-alone BFSR rating.

In Moody's view, the level of credit stress in the Brazilian
banking system has been muted, although signs of asset quality
deterioration and pressures on profits are evident and could
increase further, were economic conditions to deteriorate.

          Affirmation of Bank Financial Strength Ratings

In its reassessment of the banks' financial strength ratings and
their outlooks, Moody's employs scenario analysis to determine the
potential for expected losses on loan and investment portfolios;
this method evaluates both anticipated and highly stressed
scenarios to estimate the resulting impact on bank capitalization.
In light of the weakened global economic environment, such an
approach places greater emphasis on banks' capital adequacy and
future earnings prospects.

In affirming Banco do Brasil and Banco Nossa Caixa's C bank
financial strength ratings with a positive outlook, Moody's
acknowledges the favorable trends for the banks' franchise and
competitive positions, as well as for their financial metrics,
which continue to converge with those of higher rated banks.  The
positive outlook also reflects Banco do Brasil's dominant deposit
franchise and liquidity, which have been further strengthened in
the current market turmoil.

Moody's also pointed out that the banks' capitalization is
positioned to withstand potentially higher credit losses over the
near term at its current rating level, despite the challenges of a
robust recent growth in lending.  This assessment is predicated on
the banks' earnings-generation capacity and diversity, as well as
on adequate provisioning policies.

In affirming Caixa Economica Federal's D+ (D plus) bank financial
strength rating with a stable outlook, Moody's explained that the
bank's capitalization could well withstand potentially higher
credit losses in the near term at its current rating level.  The
rating agency also noted that CEF's high growth rates over the
past quarters could translate into an improved earnings stream,
although such growth could strain its operating structure and
pressure its financial fundamentals, as well.

       Previous Ratings Actions and Principal Methodologies

The last rating action on Banco do Brasil was on January 15, 2009,
when all of its ratings were affirmed following the announcement
of the partnership with Banco Votorantim S.A.

The last rating action on Banco Nossa Caixa was on March 24, 2009;
at that time, Moody's upgraded its BFSR and global local currency
deposit ratings following regulatory approval for its acquisition
by Banco do Brasil.  NC's foreign currency deposit and national
scale ratings were also affirmed.

The last rating action on Caixa Economica Federal was on
August 23, 2007, when the long-term foreign currency deposit
rating was upgraded to Ba2, following the upgrade of Brazil's
foreign currency deposit ceiling.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social was on August 23, 2007, when the long-term
foreign currency deposit rating was upgraded to Ba2, following the
upgrade of Brazil's foreign currency deposit ceiling.

The last rating action on BNDESPAR was on July 7, 2008, when
Moody's rated its local currency debentures.

The detailed ratings and actions are listed below:

Banco do Brasil S.A.

  -- Bank Financial Strength rating of C: outlook changed to
     positive from stable

  -- Global long and short-term local currency (GLC) deposit
     ratings of A1/ Prime -1: placed on review for possible
     downgrade

  -- Long-term foreign currency deposit rating of Ba2: placed on
     review for possible upgrade

  -- Long-term foreign currency debt rating of Baa3: placed on
     review for possible upgrade

  -- Long and short-term national scale deposit ratings of Aaa.br/
     Br-1: affirmed with stable outlook

  -- Short-term foreign currency deposit rating of Not Prime:
     affirmed

Banco do Brasil, Cayman Branch:

  -- Foreign currency senior and junior subordinated debt ratings
     of Baa3: placed on review for possible upgrade

Banco Nossa Caixa S.A.

  -- Bank Financial Strength rating of C: outlook changed to
     positive from stable

  -- Global long and short-term local currency (GLC) deposit
     ratings of A1/ Prime -1: placed on review for possible
     downgrade

  -- Long-term foreign currency deposit rating of Ba2   -- placed
     on review for possible upgrade

  -- Long and short-term national scale deposit rating of Aaa.br/
     BR-1: affirmed with stable outlook

  -- Short-term foreign currency deposit rating of Not Prime:
     affirmed

Caixa Economica Federal

  -- Bank financial strength rating of D+: affirmed with stable
     outlook

  -- Global long and short-term local currency (GLC) deposit
     ratings of A1/ Prime 1: placed on review for possible
     downgrade

  -- Long-term foreign currency deposit rating of Ba2: placed on
     review for possible upgrade

  -- Long and short-term national scale deposit rating of Aaa.br/
     BR-1: affirmed with stable outlook

  -- Short-term foreign currency deposit rating of Not Prime:
     affirmed

Banco Nacional de Desenvolvimento Economico e Social S.A.

  -- Global long and short-term local currency (GLC) issuer
     ratings of A1/ Prime 1: placed on review for possible
     downgrade

  -- Long-term foreign currency deposit rating of Ba2: placed on
     review for possible upgrade

  -- Long and short-term national scale deposit rating of Aaa.br/
     BR-1: affirmed with stable outlook

  -- Short-term foreign currency deposit rating of Not Prime:
     affirmed

BNDESPAR -- BNDES Participacoes S.A.:

  -- Global local currency issuer rating of A1: placed on review
     for possible downgrade

  -- Global local currency debt rating of A1: placed on review for
     possible downgrade

  -- National scale issuer rating of Aaa.br: affirmed with stable
     outlook.

  -- National scale debt rating of Aaa.br: affirmed with stable
     outlook


BANCO NOSSA: Moody's Puts Ba2 For. Cur. Deposit Rating on Review
----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the Ba2 long-term foreign-currency deposit ratings of
Banco do Brasil S.A. and its subsidiary Banco Nossa Caixa S.A., as
well as those of Caixa Economica Federal, and of Banco Nacional de
Desenvolvimento Economico e Social S.A., following similar actions
taken on the sovereign ratings of the Brazil government.  The Not
Prime short-term foreign currency deposit ratings are not affected
and remain unchanged.  Moody's also placed on review for possible
upgrade the Baa3 foreign currency debt ratings assigned to bonds
issued by BB and BNDES.

At the same time, Moody's has placed on review for possible
downgrade the A1/ Prime-1 long- and short-term global local
currency deposit ratings of Banco do Brasil, Banco Nossa Caixa and
Caixa Economica Federal, as well as the A1 local currency issuer
rating assigned to BNDES; these actions are being taken in
response to Moody's global reassessment of the systemic support
available to banks following the global financial crisis.  Also
placed on review for possible downgrade are the A1 local currency
issuer and debt ratings assigned to BNDES Participacoes S.A. -
BNDESPAR.

Moody's explained that of the 37 banks it currently rates in
Brazil, only the four government-owned banks (BB, NC, CEF, and
BNDES) are likely to be affected by this reassessment of systemic
support because their deposit and issuer ratings benefit from
several notches of uplift.  Moody's also noted that the review is
focused on bank ratings and, therefore, there is no current or
expected similar impact on ratings of Brazil's government-owned
non-financial companies.

The national scale deposit ratings of Aaa.br assigned to BB, NC,
CEF and BNDES have all been affirmed, with a stable outlook.
Also, the Aaa.br national scale issuer and debt ratings assigned
to BNDESPAR are not affected by this action and remain unchanged.

Separately, Moody's affirmed Banco do Brasil and Banco Nossa
Caixa's C bank financial strength ratings (BFSR, which maps to a
baseline credit assessment - BCA - of A3), but changed the outlook
on them to positive, from stable. Caixa Economica Federal's BFSR
of D+ (BCA of Baa3) was also affirmed with a stable outlook.  (As
a non deposit-taking government related issuer, BNDES is not
assigned a financial strength rating).  These specific actions
follow Moody's initiative of recalibrating banks' stand-alone
ratings in light of heightened emphasis on utilizing scenario
analysis of banks' risk assets to determine adequacy of
capitalization under both Moody's expected and adverse
macroeconomic outlooks.

       Review of Foreign Currency Debt and Deposit Ratings

The review for possible upgrade of the banks' foreign-currency
deposit and debt ratings is the direct result of the sovereign
action announced yesterday; Moody's will review for possible
upgrade the Ba2 country ceiling for foreign currency bank deposits
and the Baa3 country ceiling for foreign currency bonds.  Because
BB and BNDES's current debt ratings of Baa3 are constrained by the
country ceiling for foreign currency debt, the potential upgrade
of the ceiling would be expected to result in the upgrade of the
banks' bond ratings.

        Review of Local Currency Deposit and Debt Ratings

The review of the local-currency deposit and debt ratings of BB,
NC, CEF and BNDES follows Moody's global reassessment of probable
systemic support available to these bank ratings.  The review will
determine the extent to which the level of systemic support that
is currently incorporated into these banks' local currency ratings
-- which ranges from two to seven notches of uplift -- should be
more closely aligned to the Brazilian government's local currency
bond rating.

Moody's believes that most governments are at least as likely, if
not more likely, to support their banking systems as they are to
service their own debt -- a view that has traditionally led to
bank ratings often benefiting from significant uplift because of
the probability of systemic support.  However, the rating agency
has also recognized that the capacity of a country and its central
bank to support the nation's banks may converge with -- and may
even be increasingly constrained by -- the government's own debt
capacity when faced with situations of systemic stress.  This is
particularly true when governments are faced with systemic crises
that could place indiscriminate pressure on the major banks in a
system; the current financial crisis has exposed this risk in many
systems globally, requiring Moody's to reassess the amount of
uplift above the debt ratings of governments that is appropriate
in its evaluation of systemic support of banks.

Moody's again explained that it currently rates 37 banks in
Brazil, but that only the four government-owned banks are likely
to be affected by this reassessment because their deposit ratings
benefit from several notches of uplift due to systemic support.

At present, the rating agency does not incorporate any probability
of systemic support to the deposit ratings of many of the medium
and small rated Brazilian banks.  Large private banks, whose
intrinsic financial strengths are already at Brazil's A1 ceiling
for bank deposits, also do not benefit from systemic support on
their deposit ratings, while those subsidiaries of foreign banks
primarily gain uplift from parental support.

As part of its review, Moody's will analyze the specific
circumstances of Brazil to determine the appropriate level of
systemic support for Brazilian bank ratings, as well as the
implications for the deposit ratings of the above-mentioned banks.
Factors that the agency will consider in its assessment of
systemic support include the banking industry's size in relation
to government resources, the level of stress in the system, its
foreign currency obligations relative to the government's own
foreign exchange resources, and any changes to the government's
political patterns and priorities.

In this regard, Moody's will also take into account the particular
factors being evaluated in the review for possible upgrade of the
sovereign ratings.

Amid the current global crisis, the rating agency emphasized that
the Brazilian authorities have acted forcefully to ensure the
stability of the banking system by employing safeguards that have
been long-built into their regulatory framework.  Among the most
relevant measures are the use of sizable reserve requirements on
deposits and the application of part of the central bank's foreign
currency reserves to support banks' liquidity and funding needs
(with no fiscal consequences).

Moody's also notes that the government-owned banks have played an
important role in supporting the economy and in the orderly
performance of the banking system, commanding significant deposit
inflows in this period -- a dynamic that in part explains the
positive outlook on Banco do Brasil's stand-alone BFSR rating.

In Moody's view, the level of credit stress in the Brazilian
banking system has been muted, although signs of asset quality
deterioration and pressures on profits are evident and could
increase further, were economic conditions to deteriorate.

          Affirmation of Bank Financial Strength Ratings

In its reassessment of the banks' financial strength ratings and
their outlooks, Moody's employs scenario analysis to determine the
potential for expected losses on loan and investment portfolios;
this method evaluates both anticipated and highly stressed
scenarios to estimate the resulting impact on bank capitalization.
In light of the weakened global economic environment, such an
approach places greater emphasis on banks' capital adequacy and
future earnings prospects.

In affirming Banco do Brasil and Banco Nossa Caixa's C bank
financial strength ratings with a positive outlook, Moody's
acknowledges the favorable trends for the banks' franchise and
competitive positions, as well as for their financial metrics,
which continue to converge with those of higher rated banks.  The
positive outlook also reflects Banco do Brasil's dominant deposit
franchise and liquidity, which have been further strengthened in
the current market turmoil.

Moody's also pointed out that the banks' capitalization is
positioned to withstand potentially higher credit losses over the
near term at its current rating level, despite the challenges of a
robust recent growth in lending.  This assessment is predicated on
the banks' earnings-generation capacity and diversity, as well as
on adequate provisioning policies.

In affirming Caixa Economica Federal's D+ (D plus) bank financial
strength rating with a stable outlook, Moody's explained that the
bank's capitalization could well withstand potentially higher
credit losses in the near term at its current rating level.  The
rating agency also noted that CEF's high growth rates over the
past quarters could translate into an improved earnings stream,
although such growth could strain its operating structure and
pressure its financial fundamentals, as well.

       Previous Ratings Actions and Principal Methodologies

The last rating action on Banco do Brasil was on January 15, 2009,
when all of its ratings were affirmed following the announcement
of the partnership with Banco Votorantim S.A.

The last rating action on Banco Nossa Caixa was on March 24, 2009;
at that time, Moody's upgraded its BFSR and global local currency
deposit ratings following regulatory approval for its acquisition
by Banco do Brasil.  NC's foreign currency deposit and national
scale ratings were also affirmed.

The last rating action on Caixa Economica Federal was on
August 23, 2007, when the long-term foreign currency deposit
rating was upgraded to Ba2, following the upgrade of Brazil's
foreign currency deposit ceiling.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social was on August 23, 2007, when the long-term
foreign currency deposit rating was upgraded to Ba2, following the
upgrade of Brazil's foreign currency deposit ceiling.

The last rating action on BNDESPAR was on July 7, 2008, when
Moody's rated its local currency debentures.

The detailed ratings and actions are listed below:

Banco do Brasil S.A.

  -- Bank Financial Strength rating of C: outlook changed to
     positive from stable

  -- Global long and short-term local currency (GLC) deposit
     ratings of A1/ Prime -1: placed on review for possible
     downgrade

  -- Long-term foreign currency deposit rating of Ba2: placed on
     review for possible upgrade

  -- Long-term foreign currency debt rating of Baa3: placed on
     review for possible upgrade

  -- Long and short-term national scale deposit ratings of Aaa.br/
     Br-1: affirmed with stable outlook

  -- Short-term foreign currency deposit rating of Not Prime:
     affirmed

Banco do Brasil, Cayman Branch:

  -- Foreign currency senior and junior subordinated debt ratings
     of Baa3: placed on review for possible upgrade

Banco Nossa Caixa S.A.

  -- Bank Financial Strength rating of C: outlook changed to
     positive from stable

  -- Global long and short-term local currency (GLC) deposit
     ratings of A1/ Prime -1: placed on review for possible
     downgrade

  -- Long-term foreign currency deposit rating of Ba2   -- placed
     on review for possible upgrade

  -- Long and short-term national scale deposit rating of Aaa.br/
     BR-1: affirmed with stable outlook

  -- Short-term foreign currency deposit rating of Not Prime:
     affirmed

Caixa Economica Federal

  -- Bank financial strength rating of D+: affirmed with stable
     outlook

  -- Global long and short-term local currency (GLC) deposit
     ratings of A1/ Prime 1: placed on review for possible
     downgrade

  -- Long-term foreign currency deposit rating of Ba2: placed on
     review for possible upgrade

  -- Long and short-term national scale deposit rating of Aaa.br/
     BR-1: affirmed with stable outlook

  -- Short-term foreign currency deposit rating of Not Prime:
     affirmed

Banco Nacional de Desenvolvimento Economico e Social S.A.

  -- Global long and short-term local currency (GLC) issuer
     ratings of A1/ Prime 1: placed on review for possible
     downgrade

  -- Long-term foreign currency deposit rating of Ba2: placed on
     review for possible upgrade

  -- Long and short-term national scale deposit rating of Aaa.br/
     BR-1: affirmed with stable outlook

  -- Short-term foreign currency deposit rating of Not Prime:
     affirmed

BNDESPAR -- BNDES Participacoes S.A.:

  -- Global local currency issuer rating of A1: placed on review
     for possible downgrade

  -- Global local currency debt rating of A1: placed on review for
     possible downgrade

  -- National scale issuer rating of Aaa.br: affirmed with stable
     outlook.

  -- National scale debt rating of Aaa.br: affirmed with stable
     outlook


BANCO SAFRA: Moody's Puts Ba2 Rating on Review
----------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 long-term foreign currency deposit ratings of certain
Brazilian banks.  Moody's also placed on review for upgrade the
Baa3 foreign currency bond ratings of selected Brazilian banks, as
well as the Baa3 long-term foreign-currency subordinate perpetual
bond ratings of Banco Bradesco S.A., Grand Cayman Branch, Banco
Santander S.A. -- Cayman Branch and Itau Unibanco S.A. (Cayman
Islands).

These rating actions are the direct result of Moody's review for
possible upgrade of Brazil's Baa3 country ceiling for foreign
currency bonds and notes, as well as Brazil's Ba2 country ceiling
for foreign currency deposits.

The agency noted that the actions on the deposit and bond ratings
of the banks have no effects on their financial strength ratings
or local currency deposit ratings or their respective outlooks.

These ratings have been placed on review for possible upgrade:

  -- Banco ABC Brasil S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco BBM S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco BGN S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco Bradesco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Bradesco S.A. (Grand Cayman Branch): Baa3 long-term
     foreign currency bond rating and Baa3 long-term foreign
     currency junior subordinated debt rating

  -- Banco Citibank S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Industrial e Comercial S.A - BICBANCO: Ba2 long-term
     foreign currency deposit rating

  -- Itau Unibanco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Itau Unibanco S.A. (Cayman Islands): Ba2 long-term foreign
     currency deposit rating, Baa3 long-term foreign currency bond
     rating and Baa3 long-term foreign currency junior
     subordinated debt rating

  -- Banco Itau BBA S.A.: Ba2 long-term foreign-currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Itau BBA (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- Banco Safra S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Santander S.A. (Brazil): Ba2 long-term foreign currency
     deposit rating

  -- Banco Santander S.A. - Cayman Branch: Baa3 long-term foreign
     currency junior subordinated debt

  -- Banco Sofisa S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Votorantim S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Votorantim S.A. (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- BES Investimento do Brasil S.A.: Ba2 long-term foreign
     currency deposit rating and Baa3 long-term foreign currency
     bond rating

  -- HSBC Bank Brasil S.A. - Banco Multiplo: Ba2 long-term foreign
     currency deposit rating

  -- ING Bank N.V. - Sao Paulo: Ba2 long-term foreign-currency
     deposit rating

  -- Uniao de Bancos Brasileiros S.A. - Unibanco: Ba2 long-term
     foreign currency deposit rating

Moody's last rating action on Banco ABC Brasil was on June 3,
2009, when Moody's concluded the review confirming the bank's BFSR
at D+ (D plus) and the outlook changed to stable.

Moody's last rating action on Banco BBM was August 23, 2007, when
the bank's long-term foreign currency deposit rating was upgraded
to Ba2, following the same action on the country's foreign
currency deposit ceiling.

Moody's last rating action on Banco BGN was on November 10, 2008,
when the bank's long-term global local currency deposit rating was
upgraded to Ba1, the long-term foreign currency rating to Ba2 and
the long-term national scale deposit rating to Aa2.br from A2.br,
following the regulatory approval of BGN's acquisition by BNP
Paribas Group in Brazil; stable outlook.

Moody's last rating action on Banco Bradesco was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2, and the foreign currency bond rating
was upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Bradesco (Grand Cayman branch)
was on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating and foreign currency junior subordinated bond
rating were upgraded to Baa3, following the same action on the
country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Citibank S.A. was on
January 19, 2009, when the bank's BFSR of C- was placed on review
for possible downgrade and the baseline credit assessment (BCA)
was lowered to Baa2.

Moody's last rating action on Banco Industrial e Comercial was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Itau Unibanco (former Banco Itau)
was on November 3, 2008, when the bank's ratings were affirmed
following the announcement of the merger with Unibanco; stable
outlook.

Moody's last rating action on Itau Unibanco (Cayman Islands),
former Banco Itau Cayman Islands, was on August 23, 2007, when the
bank's long-term foreign-currency bank deposit rating was upgraded
to Ba2 and the long-term foreign-currency senior bond rating was
upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Itau BBA was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2 and the long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency deposit and bond ceilings;
stable outlook.

Moody's last rating action on Banco Itau BBA (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Safra was on August 23, 2007,
when the bank's long-term foreign-currency bank deposit rating was
upgraded to Ba2, following the same action on the country's
foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Banco Santander (Brazil) was on
November 17, 2008, when the bank's BFSR was upgraded to C and the
local currency deposit rating upgraded to A2, following the
regulatory approval of the acquisition of Banco Real in Brazil
(ABN AMRO's operations); stable outlook.

Moody's last rating action on Banco Santander (Cayman Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
junior subordinate debt rating was upgraded to Baa3, following the
same action on the country's foreign currency bond ceiling; stable
outlook.

Moody's last rating action on Banco Sofisa was on October 4, 2008,
when the rating agency assigned a D+ BFSR, Ba1/NP long and short-
term local currency deposit ratings, Ba2/NP long and short-term
foreign currency deposit ratings and Aa2.br/BR-1 national scale
deposit rating in Brazil; stable outlook.

Moody's last rating action on Banco Votorantim was on January 15,
2009, when the bank's Baa1 local currency deposit rating was
placed on review for possible upgrade, following the announcement
of the partnership with Banco do Brasil.

Moody's last rating action on Banco Votorantim (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on BES Investimento do Brasil was on
April 23, 2009, when the bank's long-term GLC deposit rating of
Baa1 was placed on review for possible downgrade, following an
action at the parent bank Banco Espirito Santo (Portugal), and all
other ratings were affirmed with stable outlook.

Moody's last rating action on HSBC Bank Brasil was on April 17,
2009, when the bank's ratings were affirmed; stable outlook.

Moody's last rating action on ING Bank (Sao Paulo) was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Unibanco was on November 3, 2008,
when the bank's ratings were affirmed following the announcement
of the merger with Banco Itau; stable outlook.


BANCO SANTANDER: Moody's Puts Ba2 Rating on Review
--------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 long-term foreign currency deposit ratings of certain
Brazilian banks.  Moody's also placed on review for upgrade the
Baa3 foreign currency bond ratings of selected Brazilian banks, as
well as the Baa3 long-term foreign-currency subordinate perpetual
bond ratings of Banco Bradesco S.A., Grand Cayman Branch, Banco
Santander S.A. -- Cayman Branch and Itau Unibanco S.A. (Cayman
Islands).

These rating actions are the direct result of Moody's review for
possible upgrade of Brazil's Baa3 country ceiling for foreign
currency bonds and notes, as well as Brazil's Ba2 country ceiling
for foreign currency deposits.

The agency noted that the actions on the deposit and bond ratings
of the banks have no effects on their financial strength ratings
or local currency deposit ratings or their respective outlooks.

These ratings have been placed on review for possible upgrade:

  -- Banco ABC Brasil S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco BBM S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco BGN S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco Bradesco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Bradesco S.A. (Grand Cayman Branch): Baa3 long-term
     foreign currency bond rating and Baa3 long-term foreign
     currency junior subordinated debt rating

  -- Banco Citibank S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Industrial e Comercial S.A - BICBANCO: Ba2 long-term
     foreign currency deposit rating

  -- Itau Unibanco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Itau Unibanco S.A. (Cayman Islands): Ba2 long-term foreign
     currency deposit rating, Baa3 long-term foreign currency bond
     rating and Baa3 long-term foreign currency junior
     subordinated debt rating

  -- Banco Itau BBA S.A.: Ba2 long-term foreign-currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Itau BBA (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- Banco Safra S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Santander S.A. (Brazil): Ba2 long-term foreign currency
     deposit rating

  -- Banco Santander S.A. - Cayman Branch: Baa3 long-term foreign
     currency junior subordinated debt

  -- Banco Sofisa S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Votorantim S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Votorantim S.A. (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- BES Investimento do Brasil S.A.: Ba2 long-term foreign
     currency deposit rating and Baa3 long-term foreign currency
     bond rating

  -- HSBC Bank Brasil S.A. - Banco Multiplo: Ba2 long-term foreign
     currency deposit rating

  -- ING Bank N.V. - Sao Paulo: Ba2 long-term foreign-currency
     deposit rating

  -- Uniao de Bancos Brasileiros S.A. - Unibanco: Ba2 long-term
     foreign currency deposit rating

Moody's last rating action on Banco ABC Brasil was on June 3,
2009, when Moody's concluded the review confirming the bank's BFSR
at D+ (D plus) and the outlook changed to stable.

Moody's last rating action on Banco BBM was August 23, 2007, when
the bank's long-term foreign currency deposit rating was upgraded
to Ba2, following the same action on the country's foreign
currency deposit ceiling.

Moody's last rating action on Banco BGN was on November 10, 2008,
when the bank's long-term global local currency deposit rating was
upgraded to Ba1, the long-term foreign currency rating to Ba2 and
the long-term national scale deposit rating to Aa2.br from A2.br,
following the regulatory approval of BGN's acquisition by BNP
Paribas Group in Brazil; stable outlook.

Moody's last rating action on Banco Bradesco was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2, and the foreign currency bond rating
was upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Bradesco (Grand Cayman branch)
was on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating and foreign currency junior subordinated bond
rating were upgraded to Baa3, following the same action on the
country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Citibank S.A. was on
January 19, 2009, when the bank's BFSR of C- was placed on review
for possible downgrade and the baseline credit assessment (BCA)
was lowered to Baa2.

Moody's last rating action on Banco Industrial e Comercial was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Itau Unibanco (former Banco Itau)
was on November 3, 2008, when the bank's ratings were affirmed
following the announcement of the merger with Unibanco; stable
outlook.

Moody's last rating action on Itau Unibanco (Cayman Islands),
former Banco Itau Cayman Islands, was on August 23, 2007, when the
bank's long-term foreign-currency bank deposit rating was upgraded
to Ba2 and the long-term foreign-currency senior bond rating was
upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Itau BBA was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2 and the long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency deposit and bond ceilings;
stable outlook.

Moody's last rating action on Banco Itau BBA (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Safra was on August 23, 2007,
when the bank's long-term foreign-currency bank deposit rating was
upgraded to Ba2, following the same action on the country's
foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Banco Santander (Brazil) was on
November 17, 2008, when the bank's BFSR was upgraded to C and the
local currency deposit rating upgraded to A2, following the
regulatory approval of the acquisition of Banco Real in Brazil
(ABN AMRO's operations); stable outlook.

Moody's last rating action on Banco Santander (Cayman Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
junior subordinate debt rating was upgraded to Baa3, following the
same action on the country's foreign currency bond ceiling; stable
outlook.

Moody's last rating action on Banco Sofisa was on October 4, 2008,
when the rating agency assigned a D+ BFSR, Ba1/NP long and short-
term local currency deposit ratings, Ba2/NP long and short-term
foreign currency deposit ratings and Aa2.br/BR-1 national scale
deposit rating in Brazil; stable outlook.

Moody's last rating action on Banco Votorantim was on January 15,
2009, when the bank's Baa1 local currency deposit rating was
placed on review for possible upgrade, following the announcement
of the partnership with Banco do Brasil.

Moody's last rating action on Banco Votorantim (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on BES Investimento do Brasil was on
April 23, 2009, when the bank's long-term GLC deposit rating of
Baa1 was placed on review for possible downgrade, following an
action at the parent bank Banco Espirito Santo (Portugal), and all
other ratings were affirmed with stable outlook.

Moody's last rating action on HSBC Bank Brasil was on April 17,
2009, when the bank's ratings were affirmed; stable outlook.

Moody's last rating action on ING Bank (Sao Paulo) was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Unibanco was on November 3, 2008,
when the bank's ratings were affirmed following the announcement
of the merger with Banco Itau; stable outlook.


BANCO SOFISA: Moody's Puts Ba2 Rating on Review
-----------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 long-term foreign currency deposit ratings of certain
Brazilian banks.  Moody's also placed on review for upgrade the
Baa3 foreign currency bond ratings of selected Brazilian banks, as
well as the Baa3 long-term foreign-currency subordinate perpetual
bond ratings of Banco Bradesco S.A., Grand Cayman Branch, Banco
Santander S.A. -- Cayman Branch and Itau Unibanco S.A. (Cayman
Islands).

These rating actions are the direct result of Moody's review for
possible upgrade of Brazil's Baa3 country ceiling for foreign
currency bonds and notes, as well as Brazil's Ba2 country ceiling
for foreign currency deposits.

The agency noted that the actions on the deposit and bond ratings
of the banks have no effects on their financial strength ratings
or local currency deposit ratings or their respective outlooks.

These ratings have been placed on review for possible upgrade:

  -- Banco ABC Brasil S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco BBM S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco BGN S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco Bradesco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Bradesco S.A. (Grand Cayman Branch): Baa3 long-term
     foreign currency bond rating and Baa3 long-term foreign
     currency junior subordinated debt rating

  -- Banco Citibank S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Industrial e Comercial S.A - BICBANCO: Ba2 long-term
     foreign currency deposit rating

  -- Itau Unibanco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Itau Unibanco S.A. (Cayman Islands): Ba2 long-term foreign
     currency deposit rating, Baa3 long-term foreign currency bond
     rating and Baa3 long-term foreign currency junior
     subordinated debt rating

  -- Banco Itau BBA S.A.: Ba2 long-term foreign-currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Itau BBA (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- Banco Safra S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Santander S.A. (Brazil): Ba2 long-term foreign currency
     deposit rating

  -- Banco Santander S.A. - Cayman Branch: Baa3 long-term foreign
     currency junior subordinated debt

  -- Banco Sofisa S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Votorantim S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Votorantim S.A. (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- BES Investimento do Brasil S.A.: Ba2 long-term foreign
     currency deposit rating and Baa3 long-term foreign currency
     bond rating

  -- HSBC Bank Brasil S.A. - Banco Multiplo: Ba2 long-term foreign
     currency deposit rating

  -- ING Bank N.V. - Sao Paulo: Ba2 long-term foreign-currency
     deposit rating

  -- Uniao de Bancos Brasileiros S.A. - Unibanco: Ba2 long-term
     foreign currency deposit rating

Moody's last rating action on Banco ABC Brasil was on June 3,
2009, when Moody's concluded the review confirming the bank's BFSR
at D+ (D plus) and the outlook changed to stable.

Moody's last rating action on Banco BBM was August 23, 2007, when
the bank's long-term foreign currency deposit rating was upgraded
to Ba2, following the same action on the country's foreign
currency deposit ceiling.

Moody's last rating action on Banco BGN was on November 10, 2008,
when the bank's long-term global local currency deposit rating was
upgraded to Ba1, the long-term foreign currency rating to Ba2 and
the long-term national scale deposit rating to Aa2.br from A2.br,
following the regulatory approval of BGN's acquisition by BNP
Paribas Group in Brazil; stable outlook.

Moody's last rating action on Banco Bradesco was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2, and the foreign currency bond rating
was upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Bradesco (Grand Cayman branch)
was on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating and foreign currency junior subordinated bond
rating were upgraded to Baa3, following the same action on the
country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Citibank S.A. was on
January 19, 2009, when the bank's BFSR of C- was placed on review
for possible downgrade and the baseline credit assessment (BCA)
was lowered to Baa2.

Moody's last rating action on Banco Industrial e Comercial was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Itau Unibanco (former Banco Itau)
was on November 3, 2008, when the bank's ratings were affirmed
following the announcement of the merger with Unibanco; stable
outlook.

Moody's last rating action on Itau Unibanco (Cayman Islands),
former Banco Itau Cayman Islands, was on August 23, 2007, when the
bank's long-term foreign-currency bank deposit rating was upgraded
to Ba2 and the long-term foreign-currency senior bond rating was
upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Itau BBA was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2 and the long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency deposit and bond ceilings;
stable outlook.

Moody's last rating action on Banco Itau BBA (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Safra was on August 23, 2007,
when the bank's long-term foreign-currency bank deposit rating was
upgraded to Ba2, following the same action on the country's
foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Banco Santander (Brazil) was on
November 17, 2008, when the bank's BFSR was upgraded to C and the
local currency deposit rating upgraded to A2, following the
regulatory approval of the acquisition of Banco Real in Brazil
(ABN AMRO's operations); stable outlook.

Moody's last rating action on Banco Santander (Cayman Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
junior subordinate debt rating was upgraded to Baa3, following the
same action on the country's foreign currency bond ceiling; stable
outlook.

Moody's last rating action on Banco Sofisa was on October 4, 2008,
when the rating agency assigned a D+ BFSR, Ba1/NP long and short-
term local currency deposit ratings, Ba2/NP long and short-term
foreign currency deposit ratings and Aa2.br/BR-1 national scale
deposit rating in Brazil; stable outlook.

Moody's last rating action on Banco Votorantim was on January 15,
2009, when the bank's Baa1 local currency deposit rating was
placed on review for possible upgrade, following the announcement
of the partnership with Banco do Brasil.

Moody's last rating action on Banco Votorantim (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on BES Investimento do Brasil was on
April 23, 2009, when the bank's long-term GLC deposit rating of
Baa1 was placed on review for possible downgrade, following an
action at the parent bank Banco Espirito Santo (Portugal), and all
other ratings were affirmed with stable outlook.

Moody's last rating action on HSBC Bank Brasil was on April 17,
2009, when the bank's ratings were affirmed; stable outlook.

Moody's last rating action on ING Bank (Sao Paulo) was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Unibanco was on November 3, 2008,
when the bank's ratings were affirmed following the announcement
of the merger with Banco Itau; stable outlook.


BANCO VOTORANTIM: Moody's Puts Ba2 Rating on Review
---------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 long-term foreign currency deposit ratings of certain
Brazilian banks.  Moody's also placed on review for upgrade the
Baa3 foreign currency bond ratings of selected Brazilian banks, as
well as the Baa3 long-term foreign-currency subordinate perpetual
bond ratings of Banco Bradesco S.A., Grand Cayman Branch, Banco
Santander S.A. -- Cayman Branch and Itau Unibanco S.A. (Cayman
Islands).

These rating actions are the direct result of Moody's review for
possible upgrade of Brazil's Baa3 country ceiling for foreign
currency bonds and notes, as well as Brazil's Ba2 country ceiling
for foreign currency deposits.

The agency noted that the actions on the deposit and bond ratings
of the banks have no effects on their financial strength ratings
or local currency deposit ratings or their respective outlooks.

These ratings have been placed on review for possible upgrade:

  -- Banco ABC Brasil S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco BBM S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco BGN S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco Bradesco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Bradesco S.A. (Grand Cayman Branch): Baa3 long-term
     foreign currency bond rating and Baa3 long-term foreign
     currency junior subordinated debt rating

  -- Banco Citibank S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Industrial e Comercial S.A - BICBANCO: Ba2 long-term
     foreign currency deposit rating

  -- Itau Unibanco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Itau Unibanco S.A. (Cayman Islands): Ba2 long-term foreign
     currency deposit rating, Baa3 long-term foreign currency bond
     rating and Baa3 long-term foreign currency junior
     subordinated debt rating

  -- Banco Itau BBA S.A.: Ba2 long-term foreign-currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Itau BBA (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- Banco Safra S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Santander S.A. (Brazil): Ba2 long-term foreign currency
     deposit rating

  -- Banco Santander S.A. - Cayman Branch: Baa3 long-term foreign
     currency junior subordinated debt

  -- Banco Sofisa S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Votorantim S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Votorantim S.A. (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- BES Investimento do Brasil S.A.: Ba2 long-term foreign
     currency deposit rating and Baa3 long-term foreign currency
     bond rating

  -- HSBC Bank Brasil S.A. - Banco Multiplo: Ba2 long-term foreign
     currency deposit rating

  -- ING Bank N.V. - Sao Paulo: Ba2 long-term foreign-currency
     deposit rating

  -- Uniao de Bancos Brasileiros S.A. - Unibanco: Ba2 long-term
     foreign currency deposit rating

Moody's last rating action on Banco ABC Brasil was on June 3,
2009, when Moody's concluded the review confirming the bank's BFSR
at D+ (D plus) and the outlook changed to stable.

Moody's last rating action on Banco BBM was August 23, 2007, when
the bank's long-term foreign currency deposit rating was upgraded
to Ba2, following the same action on the country's foreign
currency deposit ceiling.

Moody's last rating action on Banco BGN was on November 10, 2008,
when the bank's long-term global local currency deposit rating was
upgraded to Ba1, the long-term foreign currency rating to Ba2 and
the long-term national scale deposit rating to Aa2.br from A2.br,
following the regulatory approval of BGN's acquisition by BNP
Paribas Group in Brazil; stable outlook.

Moody's last rating action on Banco Bradesco was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2, and the foreign currency bond rating
was upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Bradesco (Grand Cayman branch)
was on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating and foreign currency junior subordinated bond
rating were upgraded to Baa3, following the same action on the
country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Citibank S.A. was on
January 19, 2009, when the bank's BFSR of C- was placed on review
for possible downgrade and the baseline credit assessment (BCA)
was lowered to Baa2.

Moody's last rating action on Banco Industrial e Comercial was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Itau Unibanco (former Banco Itau)
was on November 3, 2008, when the bank's ratings were affirmed
following the announcement of the merger with Unibanco; stable
outlook.

Moody's last rating action on Itau Unibanco (Cayman Islands),
former Banco Itau Cayman Islands, was on August 23, 2007, when the
bank's long-term foreign-currency bank deposit rating was upgraded
to Ba2 and the long-term foreign-currency senior bond rating was
upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Itau BBA was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2 and the long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency deposit and bond ceilings;
stable outlook.

Moody's last rating action on Banco Itau BBA (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Safra was on August 23, 2007,
when the bank's long-term foreign-currency bank deposit rating was
upgraded to Ba2, following the same action on the country's
foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Banco Santander (Brazil) was on
November 17, 2008, when the bank's BFSR was upgraded to C and the
local currency deposit rating upgraded to A2, following the
regulatory approval of the acquisition of Banco Real in Brazil
(ABN AMRO's operations); stable outlook.

Moody's last rating action on Banco Santander (Cayman Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
junior subordinate debt rating was upgraded to Baa3, following the
same action on the country's foreign currency bond ceiling; stable
outlook.

Moody's last rating action on Banco Sofisa was on October 4, 2008,
when the rating agency assigned a D+ BFSR, Ba1/NP long and short-
term local currency deposit ratings, Ba2/NP long and short-term
foreign currency deposit ratings and Aa2.br/BR-1 national scale
deposit rating in Brazil; stable outlook.

Moody's last rating action on Banco Votorantim was on January 15,
2009, when the bank's Baa1 local currency deposit rating was
placed on review for possible upgrade, following the announcement
of the partnership with Banco do Brasil.

Moody's last rating action on Banco Votorantim (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on BES Investimento do Brasil was on
April 23, 2009, when the bank's long-term GLC deposit rating of
Baa1 was placed on review for possible downgrade, following an
action at the parent bank Banco Espirito Santo (Portugal), and all
other ratings were affirmed with stable outlook.

Moody's last rating action on HSBC Bank Brasil was on April 17,
2009, when the bank's ratings were affirmed; stable outlook.

Moody's last rating action on ING Bank (Sao Paulo) was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Unibanco was on November 3, 2008,
when the bank's ratings were affirmed following the announcement
of the merger with Banco Itau; stable outlook.


BES INVESTIMENTO: Moody's Puts Ba2 Rating on Review
---------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 long-term foreign currency deposit ratings of certain
Brazilian banks.  Moody's also placed on review for upgrade the
Baa3 foreign currency bond ratings of selected Brazilian banks, as
well as the Baa3 long-term foreign-currency subordinate perpetual
bond ratings of Banco Bradesco S.A., Grand Cayman Branch, Banco
Santander S.A. -- Cayman Branch and Itau Unibanco S.A. (Cayman
Islands).

These rating actions are the direct result of Moody's review for
possible upgrade of Brazil's Baa3 country ceiling for foreign
currency bonds and notes, as well as Brazil's Ba2 country ceiling
for foreign currency deposits.

The agency noted that the actions on the deposit and bond ratings
of the banks have no effects on their financial strength ratings
or local currency deposit ratings or their respective outlooks.

These ratings have been placed on review for possible upgrade:

  -- Banco ABC Brasil S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco BBM S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco BGN S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco Bradesco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Bradesco S.A. (Grand Cayman Branch): Baa3 long-term
     foreign currency bond rating and Baa3 long-term foreign
     currency junior subordinated debt rating

  -- Banco Citibank S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Industrial e Comercial S.A - BICBANCO: Ba2 long-term
     foreign currency deposit rating

  -- Itau Unibanco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Itau Unibanco S.A. (Cayman Islands): Ba2 long-term foreign
     currency deposit rating, Baa3 long-term foreign currency bond
     rating and Baa3 long-term foreign currency junior
     subordinated debt rating

  -- Banco Itau BBA S.A.: Ba2 long-term foreign-currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Itau BBA (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- Banco Safra S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Santander S.A. (Brazil): Ba2 long-term foreign currency
     deposit rating

  -- Banco Santander S.A. - Cayman Branch: Baa3 long-term foreign
     currency junior subordinated debt

  -- Banco Sofisa S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Votorantim S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Votorantim S.A. (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- BES Investimento do Brasil S.A.: Ba2 long-term foreign
     currency deposit rating and Baa3 long-term foreign currency
     bond rating

  -- HSBC Bank Brasil S.A. - Banco Multiplo: Ba2 long-term foreign
     currency deposit rating

  -- ING Bank N.V. - Sao Paulo: Ba2 long-term foreign-currency
     deposit rating

  -- Uniao de Bancos Brasileiros S.A. - Unibanco: Ba2 long-term
     foreign currency deposit rating

Moody's last rating action on Banco ABC Brasil was on June 3,
2009, when Moody's concluded the review confirming the bank's BFSR
at D+ (D plus) and the outlook changed to stable.

Moody's last rating action on Banco BBM was August 23, 2007, when
the bank's long-term foreign currency deposit rating was upgraded
to Ba2, following the same action on the country's foreign
currency deposit ceiling.

Moody's last rating action on Banco BGN was on November 10, 2008,
when the bank's long-term global local currency deposit rating was
upgraded to Ba1, the long-term foreign currency rating to Ba2 and
the long-term national scale deposit rating to Aa2.br from A2.br,
following the regulatory approval of BGN's acquisition by BNP
Paribas Group in Brazil; stable outlook.

Moody's last rating action on Banco Bradesco was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2, and the foreign currency bond rating
was upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Bradesco (Grand Cayman branch)
was on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating and foreign currency junior subordinated bond
rating were upgraded to Baa3, following the same action on the
country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Citibank S.A. was on
January 19, 2009, when the bank's BFSR of C- was placed on review
for possible downgrade and the baseline credit assessment (BCA)
was lowered to Baa2.

Moody's last rating action on Banco Industrial e Comercial was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Itau Unibanco (former Banco Itau)
was on November 3, 2008, when the bank's ratings were affirmed
following the announcement of the merger with Unibanco; stable
outlook.

Moody's last rating action on Itau Unibanco (Cayman Islands),
former Banco Itau Cayman Islands, was on August 23, 2007, when the
bank's long-term foreign-currency bank deposit rating was upgraded
to Ba2 and the long-term foreign-currency senior bond rating was
upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Itau BBA was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2 and the long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency deposit and bond ceilings;
stable outlook.

Moody's last rating action on Banco Itau BBA (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Safra was on August 23, 2007,
when the bank's long-term foreign-currency bank deposit rating was
upgraded to Ba2, following the same action on the country's
foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Banco Santander (Brazil) was on
November 17, 2008, when the bank's BFSR was upgraded to C and the
local currency deposit rating upgraded to A2, following the
regulatory approval of the acquisition of Banco Real in Brazil
(ABN AMRO's operations); stable outlook.

Moody's last rating action on Banco Santander (Cayman Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
junior subordinate debt rating was upgraded to Baa3, following the
same action on the country's foreign currency bond ceiling; stable
outlook.

Moody's last rating action on Banco Sofisa was on October 4, 2008,
when the rating agency assigned a D+ BFSR, Ba1/NP long and short-
term local currency deposit ratings, Ba2/NP long and short-term
foreign currency deposit ratings and Aa2.br/BR-1 national scale
deposit rating in Brazil; stable outlook.

Moody's last rating action on Banco Votorantim was on January 15,
2009, when the bank's Baa1 local currency deposit rating was
placed on review for possible upgrade, following the announcement
of the partnership with Banco do Brasil.

Moody's last rating action on Banco Votorantim (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on BES Investimento do Brasil was on
April 23, 2009, when the bank's long-term GLC deposit rating of
Baa1 was placed on review for possible downgrade, following an
action at the parent bank Banco Espirito Santo (Portugal), and all
other ratings were affirmed with stable outlook.

Moody's last rating action on HSBC Bank Brasil was on April 17,
2009, when the bank's ratings were affirmed; stable outlook.

Moody's last rating action on ING Bank (Sao Paulo) was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Unibanco was on November 3, 2008,
when the bank's ratings were affirmed following the announcement
of the merger with Banco Itau; stable outlook.


CAIXA ECONOMICA: Moody's Reviews Ba2 Foreign Cur. Deposit Rating
----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the Ba2 long-term foreign-currency deposit ratings of
Banco do Brasil S.A. and its subsidiary Banco Nossa Caixa S.A., as
well as those of Caixa Economica Federal, and of Banco Nacional de
Desenvolvimento Economico e Social S.A., following similar actions
taken on the sovereign ratings of the Brazil government.  The Not
Prime short-term foreign currency deposit ratings are not affected
and remain unchanged.  Moody's also placed on review for possible
upgrade the Baa3 foreign currency debt ratings assigned to bonds
issued by BB and BNDES.

At the same time, Moody's has placed on review for possible
downgrade the A1/ Prime-1 long- and short-term global local
currency deposit ratings of Banco do Brasil, Banco Nossa Caixa and
Caixa Economica Federal, as well as the A1 local currency issuer
rating assigned to BNDES; these actions are being taken in
response to Moody's global reassessment of the systemic support
available to banks following the global financial crisis.  Also
placed on review for possible downgrade are the A1 local currency
issuer and debt ratings assigned to BNDES Participacoes S.A. -
BNDESPAR.

Moody's explained that of the 37 banks it currently rates in
Brazil, only the four government-owned banks (BB, NC, CEF, and
BNDES) are likely to be affected by this reassessment of systemic
support because their deposit and issuer ratings benefit from
several notches of uplift.  Moody's also noted that the review is
focused on bank ratings and, therefore, there is no current or
expected similar impact on ratings of Brazil's government-owned
non-financial companies.

The national scale deposit ratings of Aaa.br assigned to BB, NC,
CEF and BNDES have all been affirmed, with a stable outlook.
Also, the Aaa.br national scale issuer and debt ratings assigned
to BNDESPAR are not affected by this action and remain unchanged.

Separately, Moody's affirmed Banco do Brasil and Banco Nossa
Caixa's C bank financial strength ratings (BFSR, which maps to a
baseline credit assessment - BCA - of A3), but changed the outlook
on them to positive, from stable. Caixa Economica Federal's BFSR
of D+ (BCA of Baa3) was also affirmed with a stable outlook.  (As
a non deposit-taking government related issuer, BNDES is not
assigned a financial strength rating).  These specific actions
follow Moody's initiative of recalibrating banks' stand-alone
ratings in light of heightened emphasis on utilizing scenario
analysis of banks' risk assets to determine adequacy of
capitalization under both Moody's expected and adverse
macroeconomic outlooks.

       Review of Foreign Currency Debt and Deposit Ratings

The review for possible upgrade of the banks' foreign-currency
deposit and debt ratings is the direct result of the sovereign
action announced yesterday; Moody's will review for possible
upgrade the Ba2 country ceiling for foreign currency bank deposits
and the Baa3 country ceiling for foreign currency bonds.  Because
BB and BNDES's current debt ratings of Baa3 are constrained by the
country ceiling for foreign currency debt, the potential upgrade
of the ceiling would be expected to result in the upgrade of the
banks' bond ratings.

        Review of Local Currency Deposit and Debt Ratings

The review of the local-currency deposit and debt ratings of BB,
NC, CEF and BNDES follows Moody's global reassessment of probable
systemic support available to these bank ratings.  The review will
determine the extent to which the level of systemic support that
is currently incorporated into these banks' local currency ratings
-- which ranges from two to seven notches of uplift -- should be
more closely aligned to the Brazilian government's local currency
bond rating.

Moody's believes that most governments are at least as likely, if
not more likely, to support their banking systems as they are to
service their own debt -- a view that has traditionally led to
bank ratings often benefiting from significant uplift because of
the probability of systemic support.  However, the rating agency
has also recognized that the capacity of a country and its central
bank to support the nation's banks may converge with -- and may
even be increasingly constrained by -- the government's own debt
capacity when faced with situations of systemic stress.  This is
particularly true when governments are faced with systemic crises
that could place indiscriminate pressure on the major banks in a
system; the current financial crisis has exposed this risk in many
systems globally, requiring Moody's to reassess the amount of
uplift above the debt ratings of governments that is appropriate
in its evaluation of systemic support of banks.

Moody's again explained that it currently rates 37 banks in
Brazil, but that only the four government-owned banks are likely
to be affected by this reassessment because their deposit ratings
benefit from several notches of uplift due to systemic support.

At present, the rating agency does not incorporate any probability
of systemic support to the deposit ratings of many of the medium
and small rated Brazilian banks.  Large private banks, whose
intrinsic financial strengths are already at Brazil's A1 ceiling
for bank deposits, also do not benefit from systemic support on
their deposit ratings, while those subsidiaries of foreign banks
primarily gain uplift from parental support.

As part of its review, Moody's will analyze the specific
circumstances of Brazil to determine the appropriate level of
systemic support for Brazilian bank ratings, as well as the
implications for the deposit ratings of the above-mentioned banks.
Factors that the agency will consider in its assessment of
systemic support include the banking industry's size in relation
to government resources, the level of stress in the system, its
foreign currency obligations relative to the government's own
foreign exchange resources, and any changes to the government's
political patterns and priorities.

In this regard, Moody's will also take into account the particular
factors being evaluated in the review for possible upgrade of the
sovereign ratings.

Amid the current global crisis, the rating agency emphasized that
the Brazilian authorities have acted forcefully to ensure the
stability of the banking system by employing safeguards that have
been long-built into their regulatory framework.  Among the most
relevant measures are the use of sizable reserve requirements on
deposits and the application of part of the central bank's foreign
currency reserves to support banks' liquidity and funding needs
(with no fiscal consequences).

Moody's also notes that the government-owned banks have played an
important role in supporting the economy and in the orderly
performance of the banking system, commanding significant deposit
inflows in this period -- a dynamic that in part explains the
positive outlook on Banco do Brasil's stand-alone BFSR rating.

In Moody's view, the level of credit stress in the Brazilian
banking system has been muted, although signs of asset quality
deterioration and pressures on profits are evident and could
increase further, were economic conditions to deteriorate.

          Affirmation of Bank Financial Strength Ratings

In its reassessment of the banks' financial strength ratings and
their outlooks, Moody's employs scenario analysis to determine the
potential for expected losses on loan and investment portfolios;
this method evaluates both anticipated and highly stressed
scenarios to estimate the resulting impact on bank capitalization.
In light of the weakened global economic environment, such an
approach places greater emphasis on banks' capital adequacy and
future earnings prospects.

In affirming Banco do Brasil and Banco Nossa Caixa's C bank
financial strength ratings with a positive outlook, Moody's
acknowledges the favorable trends for the banks' franchise and
competitive positions, as well as for their financial metrics,
which continue to converge with those of higher rated banks.  The
positive outlook also reflects Banco do Brasil's dominant deposit
franchise and liquidity, which have been further strengthened in
the current market turmoil.

Moody's also pointed out that the banks' capitalization is
positioned to withstand potentially higher credit losses over the
near term at its current rating level, despite the challenges of a
robust recent growth in lending.  This assessment is predicated on
the banks' earnings-generation capacity and diversity, as well as
on adequate provisioning policies.

In affirming Caixa Economica Federal's D+ (D plus) bank financial
strength rating with a stable outlook, Moody's explained that the
bank's capitalization could well withstand potentially higher
credit losses in the near term at its current rating level.  The
rating agency also noted that CEF's high growth rates over the
past quarters could translate into an improved earnings stream,
although such growth could strain its operating structure and
pressure its financial fundamentals, as well.

       Previous Ratings Actions and Principal Methodologies

The last rating action on Banco do Brasil was on January 15, 2009,
when all of its ratings were affirmed following the announcement
of the partnership with Banco Votorantim S.A.

The last rating action on Banco Nossa Caixa was on March 24, 2009;
at that time, Moody's upgraded its BFSR and global local currency
deposit ratings following regulatory approval for its acquisition
by Banco do Brasil.  NC's foreign currency deposit and national
scale ratings were also affirmed.

The last rating action on Caixa Economica Federal was on
August 23, 2007, when the long-term foreign currency deposit
rating was upgraded to Ba2, following the upgrade of Brazil's
foreign currency deposit ceiling.

The last rating action on Banco Nacional de Desenvolvimento
Economico e Social was on August 23, 2007, when the long-term
foreign currency deposit rating was upgraded to Ba2, following the
upgrade of Brazil's foreign currency deposit ceiling.

The last rating action on BNDESPAR was on July 7, 2008, when
Moody's rated its local currency debentures.

The detailed ratings and actions are listed below:

Banco do Brasil S.A.

  -- Bank Financial Strength rating of C: outlook changed to
     positive from stable

  -- Global long and short-term local currency (GLC) deposit
     ratings of A1/ Prime -1: placed on review for possible
     downgrade

  -- Long-term foreign currency deposit rating of Ba2: placed on
     review for possible upgrade

  -- Long-term foreign currency debt rating of Baa3: placed on
     review for possible upgrade

  -- Long and short-term national scale deposit ratings of Aaa.br/
     Br-1: affirmed with stable outlook

  -- Short-term foreign currency deposit rating of Not Prime:
     affirmed

Banco do Brasil, Cayman Branch:

  -- Foreign currency senior and junior subordinated debt ratings
     of Baa3: placed on review for possible upgrade

Banco Nossa Caixa S.A.

  -- Bank Financial Strength rating of C: outlook changed to
     positive from stable

  -- Global long and short-term local currency (GLC) deposit
     ratings of A1/ Prime -1: placed on review for possible
     downgrade

  -- Long-term foreign currency deposit rating of Ba2   -- placed
     on review for possible upgrade

  -- Long and short-term national scale deposit rating of Aaa.br/
     BR-1: affirmed with stable outlook

  -- Short-term foreign currency deposit rating of Not Prime:
     affirmed

Caixa Economica Federal

  -- Bank financial strength rating of D+: affirmed with stable
     outlook

  -- Global long and short-term local currency (GLC) deposit
     ratings of A1/ Prime 1: placed on review for possible
     downgrade

  -- Long-term foreign currency deposit rating of Ba2: placed on
     review for possible upgrade

  -- Long and short-term national scale deposit rating of Aaa.br/
     BR-1: affirmed with stable outlook

  -- Short-term foreign currency deposit rating of Not Prime:
     affirmed

Banco Nacional de Desenvolvimento Economico e Social S.A.

  -- Global long and short-term local currency (GLC) issuer
     ratings of A1/ Prime 1: placed on review for possible
     downgrade

  -- Long-term foreign currency deposit rating of Ba2: placed on
     review for possible upgrade

  -- Long and short-term national scale deposit rating of Aaa.br/
     BR-1: affirmed with stable outlook

  -- Short-term foreign currency deposit rating of Not Prime:
     affirmed

BNDESPAR -- BNDES Participacoes S.A.:

  -- Global local currency issuer rating of A1: placed on review
     for possible downgrade

  -- Global local currency debt rating of A1: placed on review for
     possible downgrade

  -- National scale issuer rating of Aaa.br: affirmed with stable
     outlook.

  -- National scale debt rating of Aaa.br: affirmed with stable
     outlook


COMPANHIA SIDERURGICA: Signs MOU With Petrobras and Gerdau
----------------------------------------------------------
Companhia Siderurgica Nacional S.A. (CSN) and Gerdau SA signed a
memorandum of understanding with Petroleo Brasileiro SA
(Petrobras), to study a joint port terminal project, John
Kolodziejski of Dow Jones Newswires reports.

According to the report, Petrobras said the three already own
areas at the Itaguai site, around 70 kilometers west of Rio de
Janeiro City.  Itaguai aka Sepetiba is a major iron ore export
port, coking coal import and container terminal.  "The aim of the
study is to evaluate the possibility of jointly building and
sharing some facilities on the seaward area, like conveyors,
transporters, pipelines and piers," the report quoted Petrobras as
saying.

Globo newspaper, the report relates, said the investment
contemplated is around US$500 million.  Operations at the proposed
"mega-terminal" would begin in 2014, the newspaper added.

                       About Gerdau S.A.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                         *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.

                          About CSN

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+.


GERDAU SA: Signs MOU w/ CSN & Petrobras to Study Terminal Project
-----------------------------------------------------------------
Companhia Siderurgica Nacional S.A. (CSN) and Gerdau SA signed a
memorandum of understanding with Petroleo Brasileiro SA
(Petrobras), to study a joint port terminal project, John
Kolodziejski of Dow Jones Newswires reports.

According to the report, Petrobras said the three already own
areas at the Itaguai site, around 70 kilometers west of Rio de
Janeiro City.  Itaguai aka Sepetiba is a major iron ore export
port, coking coal import and container terminal.  "The aim of the
study is to evaluate the possibility of jointly building and
sharing some facilities on the seaward area, like conveyors,
transporters, pipelines and piers," the report quoted Petrobras as
saying.

Globo newspaper, the report relates, said the investment
contemplated is around US$500 million.  Operations at the proposed
"mega-terminal" would begin in 2014, the newspaper added.

                       About Gerdau S.A.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                         *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.

                          About CSN

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+.


GERDAU SA: Boosts Capital to Offset Low Steel Demand
----------------------------------------------------
Gerdau SA said it boosted its cash position and improved
liquidity, while lowering its costs and working capital
requirements, in order to adjust quickly to the new market
reality.

The company's performance in the first quarter of 2009 was
significantly impacted by the contraction in world steel demand.
Compared with the fourth quarter of 2008, consolidated sales
volume fell by 12.7% to 3.1 million tons, while steel production
decreased by 22.2% to 2.5 million tons.  However, in March the
company observed signs of improvement in the market, with its
sales volume in that month 20.7% higher than in December 2008.  In
this environment, Gerdau closed the first quarter with revenue of
R$7.7 billion and net income of R$35 million.

"We managed to adjust quickly to the new market reality, drawing
on our flexible operations and the concerted efforts and expertise
of our teams in all countries where we have operations.  We
increased our cash position, which stood at R$5.8 billion at the
end of March, and improved liquidity by lowering our working
capital requirements.  In addition, total production costs
decreased by R$1.8 billion (28%), in relation to the previous
quarter.  These efforts by our management teams should have
positive repercussions on costs in the coming quarters, which are
no longer suffering impacts from the high inventories formed to
meet the growing consumption observed in October 2008," said Andre
B. Gerdau Johannpeter, Gerdau's CEO.

In Canada and the United States (except for units producing
specialty steels), Gerdau Ameristeel registered growth in steel
production volume of 1 million tons, 11.4% higher than in the
fourth quarter of last year.  Meanwhile, sales volume was 1.1
million tons, down 11.5% on the previous quarter.  Despite the
lower demand observed in the first quarter, North America sales in
March were 10.1% higher than in December 2008.

In Latin America (excluding Brazil), steel production at Gerdau
units totaled 316,000 tons in the first three months of the year,
up 41.1% on the previous quarter.  Sales volume was 487,000 tons,
also expanding against the previous quarter, by 9.7%.

In Brazil (excluding the units producing specialty steel), steel
production volume in the first quarter declined by 41.3% against
the prior quarter to 879,000 tons.  This contraction in volume was
mainly due to the anticipation of the scheduled maintenance
stoppage of the No. 1 Blast Furnace at Gerdau Açominas in Minas
Gerais. Sales volume in the domestic market in the quarter fell by
26.8% to 721,000 tons.  However, in March, domestic sales volume
was 12.2% higher than in December 2008.

To partially offset the slowdown in the domestic economy during
the first quarter, Gerdau increased its exports from Brazil,
despite the lower profitability of export sales.  Accordingly,
export shipments totaled 374,700 tons, increasing by 38.4%, while
revenue from export sales totaled R$397.4 million.

In the specialty steel segment (units in Brazil, United States and
Spain), production was 300,000 tons, down 50.5% on the prior
quarter.  Meanwhile, sales volume contracted by 32% to 398,000
tons. However, in March, specialty steel sales volume expanded by
9.6% against December 2008.

             1Q Investments of US$242 Million

From January to March, investments in fixed assets totaled
US$242 million, which was used for projects already initiated in
2008.  Of this amount, 57.9% was allocated to Brazil (excluding
units producing specialty steel) while the remaining 42.1% was
allocated to the other operations.

                    Prepayment of Dividends

Metalurgica Gerdau S.A. and Gerdau S.A. have clear dividend
payment policies that are aligned with market practices and
provide for the distribution of at least 30% of adjusted net
income each fiscal year, above the minimum of 25% required by
Brazilian law.  In view of the current economic environment and
the company's objective of preserving cash, the dividend payment
for the first quarter of 2009 will not be anticipated.  This
position will be reviewed for the coming quarters, always in
compliance with the minimum mandatory dividend stipulated in the
company's bylaws.

                     About Gerdau S.A.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                         *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.


HSBC BANK BRASIL: Moody's Puts Ba2 Rating on Review
---------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 long-term foreign currency deposit ratings of certain
Brazilian banks.  Moody's also placed on review for upgrade the
Baa3 foreign currency bond ratings of selected Brazilian banks, as
well as the Baa3 long-term foreign-currency subordinate perpetual
bond ratings of Banco Bradesco S.A., Grand Cayman Branch, Banco
Santander S.A. -- Cayman Branch and Itau Unibanco S.A. (Cayman
Islands).

These rating actions are the direct result of Moody's review for
possible upgrade of Brazil's Baa3 country ceiling for foreign
currency bonds and notes, as well as Brazil's Ba2 country ceiling
for foreign currency deposits.

The agency noted that the actions on the deposit and bond ratings
of the banks have no effects on their financial strength ratings
or local currency deposit ratings or their respective outlooks.

These ratings have been placed on review for possible upgrade:

  -- Banco ABC Brasil S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco BBM S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco BGN S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco Bradesco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Bradesco S.A. (Grand Cayman Branch): Baa3 long-term
     foreign currency bond rating and Baa3 long-term foreign
     currency junior subordinated debt rating

  -- Banco Citibank S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Industrial e Comercial S.A - BICBANCO: Ba2 long-term
     foreign currency deposit rating

  -- Itau Unibanco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Itau Unibanco S.A. (Cayman Islands): Ba2 long-term foreign
     currency deposit rating, Baa3 long-term foreign currency bond
     rating and Baa3 long-term foreign currency junior
     subordinated debt rating

  -- Banco Itau BBA S.A.: Ba2 long-term foreign-currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Itau BBA (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- Banco Safra S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Santander S.A. (Brazil): Ba2 long-term foreign currency
     deposit rating

  -- Banco Santander S.A. - Cayman Branch: Baa3 long-term foreign
     currency junior subordinated debt

  -- Banco Sofisa S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Votorantim S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Votorantim S.A. (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- BES Investimento do Brasil S.A.: Ba2 long-term foreign
     currency deposit rating and Baa3 long-term foreign currency
     bond rating

  -- HSBC Bank Brasil S.A. - Banco Multiplo: Ba2 long-term foreign
     currency deposit rating

  -- ING Bank N.V. - Sao Paulo: Ba2 long-term foreign-currency
     deposit rating

  -- Uniao de Bancos Brasileiros S.A. - Unibanco: Ba2 long-term
     foreign currency deposit rating

Moody's last rating action on Banco ABC Brasil was on June 3,
2009, when Moody's concluded the review confirming the bank's BFSR
at D+ (D plus) and the outlook changed to stable.

Moody's last rating action on Banco BBM was August 23, 2007, when
the bank's long-term foreign currency deposit rating was upgraded
to Ba2, following the same action on the country's foreign
currency deposit ceiling.

Moody's last rating action on Banco BGN was on November 10, 2008,
when the bank's long-term global local currency deposit rating was
upgraded to Ba1, the long-term foreign currency rating to Ba2 and
the long-term national scale deposit rating to Aa2.br from A2.br,
following the regulatory approval of BGN's acquisition by BNP
Paribas Group in Brazil; stable outlook.

Moody's last rating action on Banco Bradesco was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2, and the foreign currency bond rating
was upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Bradesco (Grand Cayman branch)
was on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating and foreign currency junior subordinated bond
rating were upgraded to Baa3, following the same action on the
country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Citibank S.A. was on
January 19, 2009, when the bank's BFSR of C- was placed on review
for possible downgrade and the baseline credit assessment (BCA)
was lowered to Baa2.

Moody's last rating action on Banco Industrial e Comercial was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Itau Unibanco (former Banco Itau)
was on November 3, 2008, when the bank's ratings were affirmed
following the announcement of the merger with Unibanco; stable
outlook.

Moody's last rating action on Itau Unibanco (Cayman Islands),
former Banco Itau Cayman Islands, was on August 23, 2007, when the
bank's long-term foreign-currency bank deposit rating was upgraded
to Ba2 and the long-term foreign-currency senior bond rating was
upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Itau BBA was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2 and the long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency deposit and bond ceilings;
stable outlook.

Moody's last rating action on Banco Itau BBA (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Safra was on August 23, 2007,
when the bank's long-term foreign-currency bank deposit rating was
upgraded to Ba2, following the same action on the country's
foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Banco Santander (Brazil) was on
November 17, 2008, when the bank's BFSR was upgraded to C and the
local currency deposit rating upgraded to A2, following the
regulatory approval of the acquisition of Banco Real in Brazil
(ABN AMRO's operations); stable outlook.

Moody's last rating action on Banco Santander (Cayman Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
junior subordinate debt rating was upgraded to Baa3, following the
same action on the country's foreign currency bond ceiling; stable
outlook.

Moody's last rating action on Banco Sofisa was on October 4, 2008,
when the rating agency assigned a D+ BFSR, Ba1/NP long and short-
term local currency deposit ratings, Ba2/NP long and short-term
foreign currency deposit ratings and Aa2.br/BR-1 national scale
deposit rating in Brazil; stable outlook.

Moody's last rating action on Banco Votorantim was on January 15,
2009, when the bank's Baa1 local currency deposit rating was
placed on review for possible upgrade, following the announcement
of the partnership with Banco do Brasil.

Moody's last rating action on Banco Votorantim (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on BES Investimento do Brasil was on
April 23, 2009, when the bank's long-term GLC deposit rating of
Baa1 was placed on review for possible downgrade, following an
action at the parent bank Banco Espirito Santo (Portugal), and all
other ratings were affirmed with stable outlook.

Moody's last rating action on HSBC Bank Brasil was on April 17,
2009, when the bank's ratings were affirmed; stable outlook.

Moody's last rating action on ING Bank (Sao Paulo) was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Unibanco was on November 3, 2008,
when the bank's ratings were affirmed following the announcement
of the merger with Banco Itau; stable outlook.


ING BANK: Moody's Puts Ba2 Rating on Review for Possible Upgrade
----------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 long-term foreign currency deposit ratings of certain
Brazilian banks.  Moody's also placed on review for upgrade the
Baa3 foreign currency bond ratings of selected Brazilian banks, as
well as the Baa3 long-term foreign-currency subordinate perpetual
bond ratings of Banco Bradesco S.A., Grand Cayman Branch, Banco
Santander S.A. -- Cayman Branch and Itau Unibanco S.A. (Cayman
Islands).

These rating actions are the direct result of Moody's review for
possible upgrade of Brazil's Baa3 country ceiling for foreign
currency bonds and notes, as well as Brazil's Ba2 country ceiling
for foreign currency deposits.

The agency noted that the actions on the deposit and bond ratings
of the banks have no effects on their financial strength ratings
or local currency deposit ratings or their respective outlooks.

These ratings have been placed on review for possible upgrade:

  -- Banco ABC Brasil S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco BBM S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco BGN S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco Bradesco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Bradesco S.A. (Grand Cayman Branch): Baa3 long-term
     foreign currency bond rating and Baa3 long-term foreign
     currency junior subordinated debt rating

  -- Banco Citibank S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Industrial e Comercial S.A - BICBANCO: Ba2 long-term
     foreign currency deposit rating

  -- Itau Unibanco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Itau Unibanco S.A. (Cayman Islands): Ba2 long-term foreign
     currency deposit rating, Baa3 long-term foreign currency bond
     rating and Baa3 long-term foreign currency junior
     subordinated debt rating

  -- Banco Itau BBA S.A.: Ba2 long-term foreign-currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Itau BBA (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- Banco Safra S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Santander S.A. (Brazil): Ba2 long-term foreign currency
     deposit rating

  -- Banco Santander S.A. - Cayman Branch: Baa3 long-term foreign
     currency junior subordinated debt

  -- Banco Sofisa S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Votorantim S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Votorantim S.A. (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- BES Investimento do Brasil S.A.: Ba2 long-term foreign
     currency deposit rating and Baa3 long-term foreign currency
     bond rating

  -- HSBC Bank Brasil S.A. - Banco Multiplo: Ba2 long-term foreign
     currency deposit rating

  -- ING Bank N.V. - Sao Paulo: Ba2 long-term foreign-currency
     deposit rating

  -- Uniao de Bancos Brasileiros S.A. - Unibanco: Ba2 long-term
     foreign currency deposit rating

Moody's last rating action on Banco ABC Brasil was on June 3,
2009, when Moody's concluded the review confirming the bank's BFSR
at D+ (D plus) and the outlook changed to stable.

Moody's last rating action on Banco BBM was August 23, 2007, when
the bank's long-term foreign currency deposit rating was upgraded
to Ba2, following the same action on the country's foreign
currency deposit ceiling.

Moody's last rating action on Banco BGN was on November 10, 2008,
when the bank's long-term global local currency deposit rating was
upgraded to Ba1, the long-term foreign currency rating to Ba2 and
the long-term national scale deposit rating to Aa2.br from A2.br,
following the regulatory approval of BGN's acquisition by BNP
Paribas Group in Brazil; stable outlook.

Moody's last rating action on Banco Bradesco was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2, and the foreign currency bond rating
was upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Bradesco (Grand Cayman branch)
was on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating and foreign currency junior subordinated bond
rating were upgraded to Baa3, following the same action on the
country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Citibank S.A. was on
January 19, 2009, when the bank's BFSR of C- was placed on review
for possible downgrade and the baseline credit assessment (BCA)
was lowered to Baa2.

Moody's last rating action on Banco Industrial e Comercial was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Itau Unibanco (former Banco Itau)
was on November 3, 2008, when the bank's ratings were affirmed
following the announcement of the merger with Unibanco; stable
outlook.

Moody's last rating action on Itau Unibanco (Cayman Islands),
former Banco Itau Cayman Islands, was on August 23, 2007, when the
bank's long-term foreign-currency bank deposit rating was upgraded
to Ba2 and the long-term foreign-currency senior bond rating was
upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Itau BBA was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2 and the long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency deposit and bond ceilings;
stable outlook.

Moody's last rating action on Banco Itau BBA (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Safra was on August 23, 2007,
when the bank's long-term foreign-currency bank deposit rating was
upgraded to Ba2, following the same action on the country's
foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Banco Santander (Brazil) was on
November 17, 2008, when the bank's BFSR was upgraded to C and the
local currency deposit rating upgraded to A2, following the
regulatory approval of the acquisition of Banco Real in Brazil
(ABN AMRO's operations); stable outlook.

Moody's last rating action on Banco Santander (Cayman Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
junior subordinate debt rating was upgraded to Baa3, following the
same action on the country's foreign currency bond ceiling; stable
outlook.

Moody's last rating action on Banco Sofisa was on October 4, 2008,
when the rating agency assigned a D+ BFSR, Ba1/NP long and short-
term local currency deposit ratings, Ba2/NP long and short-term
foreign currency deposit ratings and Aa2.br/BR-1 national scale
deposit rating in Brazil; stable outlook.

Moody's last rating action on Banco Votorantim was on January 15,
2009, when the bank's Baa1 local currency deposit rating was
placed on review for possible upgrade, following the announcement
of the partnership with Banco do Brasil.

Moody's last rating action on Banco Votorantim (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on BES Investimento do Brasil was on
April 23, 2009, when the bank's long-term GLC deposit rating of
Baa1 was placed on review for possible downgrade, following an
action at the parent bank Banco Espirito Santo (Portugal), and all
other ratings were affirmed with stable outlook.

Moody's last rating action on HSBC Bank Brasil was on April 17,
2009, when the bank's ratings were affirmed; stable outlook.

Moody's last rating action on ING Bank (Sao Paulo) was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Unibanco was on November 3, 2008,
when the bank's ratings were affirmed following the announcement
of the merger with Banco Itau; stable outlook.


ITAU UNIBANCO: Moody's Puts Ba2 Rating on Review for Poss. Raise
----------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 long-term foreign currency deposit ratings of certain
Brazilian banks.  Moody's also placed on review for upgrade the
Baa3 foreign currency bond ratings of selected Brazilian banks, as
well as the Baa3 long-term foreign-currency subordinate perpetual
bond ratings of Banco Bradesco S.A., Grand Cayman Branch, Banco
Santander S.A. -- Cayman Branch and Itau Unibanco S.A. (Cayman
Islands).

These rating actions are the direct result of Moody's review for
possible upgrade of Brazil's Baa3 country ceiling for foreign
currency bonds and notes, as well as Brazil's Ba2 country ceiling
for foreign currency deposits.

The agency noted that the actions on the deposit and bond ratings
of the banks have no effects on their financial strength ratings
or local currency deposit ratings or their respective outlooks.

These ratings have been placed on review for possible upgrade:

  -- Banco ABC Brasil S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco BBM S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco BGN S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco Bradesco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Bradesco S.A. (Grand Cayman Branch): Baa3 long-term
     foreign currency bond rating and Baa3 long-term foreign
     currency junior subordinated debt rating

  -- Banco Citibank S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Industrial e Comercial S.A - BICBANCO: Ba2 long-term
     foreign currency deposit rating

  -- Itau Unibanco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Itau Unibanco S.A. (Cayman Islands): Ba2 long-term foreign
     currency deposit rating, Baa3 long-term foreign currency bond
     rating and Baa3 long-term foreign currency junior
     subordinated debt rating

  -- Banco Itau BBA S.A.: Ba2 long-term foreign-currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Itau BBA (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- Banco Safra S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Santander S.A. (Brazil): Ba2 long-term foreign currency
     deposit rating

  -- Banco Santander S.A. - Cayman Branch: Baa3 long-term foreign
     currency junior subordinated debt

  -- Banco Sofisa S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Votorantim S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Votorantim S.A. (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- BES Investimento do Brasil S.A.: Ba2 long-term foreign
     currency deposit rating and Baa3 long-term foreign currency
     bond rating

  -- HSBC Bank Brasil S.A. - Banco Multiplo: Ba2 long-term foreign
     currency deposit rating

  -- ING Bank N.V. - Sao Paulo: Ba2 long-term foreign-currency
     deposit rating

  -- Uniao de Bancos Brasileiros S.A. - Unibanco: Ba2 long-term
     foreign currency deposit rating

Moody's last rating action on Banco ABC Brasil was on June 3,
2009, when Moody's concluded the review confirming the bank's BFSR
at D+ (D plus) and the outlook changed to stable.

Moody's last rating action on Banco BBM was August 23, 2007, when
the bank's long-term foreign currency deposit rating was upgraded
to Ba2, following the same action on the country's foreign
currency deposit ceiling.

Moody's last rating action on Banco BGN was on November 10, 2008,
when the bank's long-term global local currency deposit rating was
upgraded to Ba1, the long-term foreign currency rating to Ba2 and
the long-term national scale deposit rating to Aa2.br from A2.br,
following the regulatory approval of BGN's acquisition by BNP
Paribas Group in Brazil; stable outlook.

Moody's last rating action on Banco Bradesco was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2, and the foreign currency bond rating
was upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Bradesco (Grand Cayman branch)
was on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating and foreign currency junior subordinated bond
rating were upgraded to Baa3, following the same action on the
country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Citibank S.A. was on
January 19, 2009, when the bank's BFSR of C- was placed on review
for possible downgrade and the baseline credit assessment (BCA)
was lowered to Baa2.

Moody's last rating action on Banco Industrial e Comercial was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Itau Unibanco (former Banco Itau)
was on November 3, 2008, when the bank's ratings were affirmed
following the announcement of the merger with Unibanco; stable
outlook.

Moody's last rating action on Itau Unibanco (Cayman Islands),
former Banco Itau Cayman Islands, was on August 23, 2007, when the
bank's long-term foreign-currency bank deposit rating was upgraded
to Ba2 and the long-term foreign-currency senior bond rating was
upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Itau BBA was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2 and the long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency deposit and bond ceilings;
stable outlook.

Moody's last rating action on Banco Itau BBA (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Safra was on August 23, 2007,
when the bank's long-term foreign-currency bank deposit rating was
upgraded to Ba2, following the same action on the country's
foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Banco Santander (Brazil) was on
November 17, 2008, when the bank's BFSR was upgraded to C and the
local currency deposit rating upgraded to A2, following the
regulatory approval of the acquisition of Banco Real in Brazil
(ABN AMRO's operations); stable outlook.

Moody's last rating action on Banco Santander (Cayman Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
junior subordinate debt rating was upgraded to Baa3, following the
same action on the country's foreign currency bond ceiling; stable
outlook.

Moody's last rating action on Banco Sofisa was on October 4, 2008,
when the rating agency assigned a D+ BFSR, Ba1/NP long and short-
term local currency deposit ratings, Ba2/NP long and short-term
foreign currency deposit ratings and Aa2.br/BR-1 national scale
deposit rating in Brazil; stable outlook.

Moody's last rating action on Banco Votorantim was on January 15,
2009, when the bank's Baa1 local currency deposit rating was
placed on review for possible upgrade, following the announcement
of the partnership with Banco do Brasil.

Moody's last rating action on Banco Votorantim (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on BES Investimento do Brasil was on
April 23, 2009, when the bank's long-term GLC deposit rating of
Baa1 was placed on review for possible downgrade, following an
action at the parent bank Banco Espirito Santo (Portugal), and all
other ratings were affirmed with stable outlook.

Moody's last rating action on HSBC Bank Brasil was on April 17,
2009, when the bank's ratings were affirmed; stable outlook.

Moody's last rating action on ING Bank (Sao Paulo) was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Unibanco was on November 3, 2008,
when the bank's ratings were affirmed following the announcement
of the merger with Banco Itau; stable outlook.


ITAU UNIBANCO SA (CAYMAN): Moody's Puts Ba2 Rating on Review
------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 long-term foreign currency deposit ratings of certain
Brazilian banks.  Moody's also placed on review for upgrade the
Baa3 foreign currency bond ratings of selected Brazilian banks, as
well as the Baa3 long-term foreign-currency subordinate perpetual
bond ratings of Banco Bradesco S.A., Grand Cayman Branch, Banco
Santander S.A. -- Cayman Branch and Itau Unibanco S.A. (Cayman
Islands).

These rating actions are the direct result of Moody's review for
possible upgrade of Brazil's Baa3 country ceiling for foreign
currency bonds and notes, as well as Brazil's Ba2 country ceiling
for foreign currency deposits.

The agency noted that the actions on the deposit and bond ratings
of the banks have no effects on their financial strength ratings
or local currency deposit ratings or their respective outlooks.

These ratings have been placed on review for possible upgrade:

  -- Banco ABC Brasil S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco BBM S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco BGN S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco Bradesco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Bradesco S.A. (Grand Cayman Branch): Baa3 long-term
     foreign currency bond rating and Baa3 long-term foreign
     currency junior subordinated debt rating

  -- Banco Citibank S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Industrial e Comercial S.A - BICBANCO: Ba2 long-term
     foreign currency deposit rating

  -- Itau Unibanco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Itau Unibanco S.A. (Cayman Islands): Ba2 long-term foreign
     currency deposit rating, Baa3 long-term foreign currency bond
     rating and Baa3 long-term foreign currency junior
     subordinated debt rating

  -- Banco Itau BBA S.A.: Ba2 long-term foreign-currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Itau BBA (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- Banco Safra S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Santander S.A. (Brazil): Ba2 long-term foreign currency
     deposit rating

  -- Banco Santander S.A. - Cayman Branch: Baa3 long-term foreign
     currency junior subordinated debt

  -- Banco Sofisa S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Votorantim S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Votorantim S.A. (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- BES Investimento do Brasil S.A.: Ba2 long-term foreign
     currency deposit rating and Baa3 long-term foreign currency
     bond rating

  -- HSBC Bank Brasil S.A. - Banco Multiplo: Ba2 long-term foreign
     currency deposit rating

  -- ING Bank N.V. - Sao Paulo: Ba2 long-term foreign-currency
     deposit rating

  -- Uniao de Bancos Brasileiros S.A. - Unibanco: Ba2 long-term
     foreign currency deposit rating

Moody's last rating action on Banco ABC Brasil was on June 3,
2009, when Moody's concluded the review confirming the bank's BFSR
at D+ (D plus) and the outlook changed to stable.

Moody's last rating action on Banco BBM was August 23, 2007, when
the bank's long-term foreign currency deposit rating was upgraded
to Ba2, following the same action on the country's foreign
currency deposit ceiling.

Moody's last rating action on Banco BGN was on November 10, 2008,
when the bank's long-term global local currency deposit rating was
upgraded to Ba1, the long-term foreign currency rating to Ba2 and
the long-term national scale deposit rating to Aa2.br from A2.br,
following the regulatory approval of BGN's acquisition by BNP
Paribas Group in Brazil; stable outlook.

Moody's last rating action on Banco Bradesco was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2, and the foreign currency bond rating
was upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Bradesco (Grand Cayman branch)
was on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating and foreign currency junior subordinated bond
rating were upgraded to Baa3, following the same action on the
country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Citibank S.A. was on
January 19, 2009, when the bank's BFSR of C- was placed on review
for possible downgrade and the baseline credit assessment (BCA)
was lowered to Baa2.

Moody's last rating action on Banco Industrial e Comercial was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Itau Unibanco (former Banco Itau)
was on November 3, 2008, when the bank's ratings were affirmed
following the announcement of the merger with Unibanco; stable
outlook.

Moody's last rating action on Itau Unibanco (Cayman Islands),
former Banco Itau Cayman Islands, was on August 23, 2007, when the
bank's long-term foreign-currency bank deposit rating was upgraded
to Ba2 and the long-term foreign-currency senior bond rating was
upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Itau BBA was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2 and the long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency deposit and bond ceilings;
stable outlook.

Moody's last rating action on Banco Itau BBA (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Safra was on August 23, 2007,
when the bank's long-term foreign-currency bank deposit rating was
upgraded to Ba2, following the same action on the country's
foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Banco Santander (Brazil) was on
November 17, 2008, when the bank's BFSR was upgraded to C and the
local currency deposit rating upgraded to A2, following the
regulatory approval of the acquisition of Banco Real in Brazil
(ABN AMRO's operations); stable outlook.

Moody's last rating action on Banco Santander (Cayman Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
junior subordinate debt rating was upgraded to Baa3, following the
same action on the country's foreign currency bond ceiling; stable
outlook.

Moody's last rating action on Banco Sofisa was on October 4, 2008,
when the rating agency assigned a D+ BFSR, Ba1/NP long and short-
term local currency deposit ratings, Ba2/NP long and short-term
foreign currency deposit ratings and Aa2.br/BR-1 national scale
deposit rating in Brazil; stable outlook.

Moody's last rating action on Banco Votorantim was on January 15,
2009, when the bank's Baa1 local currency deposit rating was
placed on review for possible upgrade, following the announcement
of the partnership with Banco do Brasil.

Moody's last rating action on Banco Votorantim (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on BES Investimento do Brasil was on
April 23, 2009, when the bank's long-term GLC deposit rating of
Baa1 was placed on review for possible downgrade, following an
action at the parent bank Banco Espirito Santo (Portugal), and all
other ratings were affirmed with stable outlook.

Moody's last rating action on HSBC Bank Brasil was on April 17,
2009, when the bank's ratings were affirmed; stable outlook.

Moody's last rating action on ING Bank (Sao Paulo) was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Unibanco was on November 3, 2008,
when the bank's ratings were affirmed following the announcement
of the merger with Banco Itau; stable outlook.


UNIAO DE BANCOS: Moody's Puts Ba2 Rating on Review
--------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 long-term foreign currency deposit ratings of certain
Brazilian banks.  Moody's also placed on review for upgrade the
Baa3 foreign currency bond ratings of selected Brazilian banks, as
well as the Baa3 long-term foreign-currency subordinate perpetual
bond ratings of Banco Bradesco S.A., Grand Cayman Branch, Banco
Santander S.A. -- Cayman Branch and Itau Unibanco S.A. (Cayman
Islands).

These rating actions are the direct result of Moody's review for
possible upgrade of Brazil's Baa3 country ceiling for foreign
currency bonds and notes, as well as Brazil's Ba2 country ceiling
for foreign currency deposits.

The agency noted that the actions on the deposit and bond ratings
of the banks have no effects on their financial strength ratings
or local currency deposit ratings or their respective outlooks.

These ratings have been placed on review for possible upgrade:

  -- Banco ABC Brasil S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco BBM S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco BGN S.A.: Ba2 long-term foreign-currency deposit rating

  -- Banco Bradesco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Bradesco S.A. (Grand Cayman Branch): Baa3 long-term
     foreign currency bond rating and Baa3 long-term foreign
     currency junior subordinated debt rating

  -- Banco Citibank S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Industrial e Comercial S.A - BICBANCO: Ba2 long-term
     foreign currency deposit rating

  -- Itau Unibanco S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Itau Unibanco S.A. (Cayman Islands): Ba2 long-term foreign
     currency deposit rating, Baa3 long-term foreign currency bond
     rating and Baa3 long-term foreign currency junior
     subordinated debt rating

  -- Banco Itau BBA S.A.: Ba2 long-term foreign-currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Itau BBA (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- Banco Safra S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Santander S.A. (Brazil): Ba2 long-term foreign currency
     deposit rating

  -- Banco Santander S.A. - Cayman Branch: Baa3 long-term foreign
     currency junior subordinated debt

  -- Banco Sofisa S.A.: Ba2 long-term foreign currency deposit
     rating

  -- Banco Votorantim S.A.: Ba2 long-term foreign currency deposit
     rating and Baa3 long-term foreign currency bond rating

  -- Banco Votorantim S.A. (Nassau Branch): Baa3 long-term foreign
     currency bond rating

  -- BES Investimento do Brasil S.A.: Ba2 long-term foreign
     currency deposit rating and Baa3 long-term foreign currency
     bond rating

  -- HSBC Bank Brasil S.A. - Banco Multiplo: Ba2 long-term foreign
     currency deposit rating

  -- ING Bank N.V. - Sao Paulo: Ba2 long-term foreign-currency
     deposit rating

  -- Uniao de Bancos Brasileiros S.A. - Unibanco: Ba2 long-term
     foreign currency deposit rating

Moody's last rating action on Banco ABC Brasil was on June 3,
2009, when Moody's concluded the review confirming the bank's BFSR
at D+ (D plus) and the outlook changed to stable.

Moody's last rating action on Banco BBM was August 23, 2007, when
the bank's long-term foreign currency deposit rating was upgraded
to Ba2, following the same action on the country's foreign
currency deposit ceiling.

Moody's last rating action on Banco BGN was on November 10, 2008,
when the bank's long-term global local currency deposit rating was
upgraded to Ba1, the long-term foreign currency rating to Ba2 and
the long-term national scale deposit rating to Aa2.br from A2.br,
following the regulatory approval of BGN's acquisition by BNP
Paribas Group in Brazil; stable outlook.

Moody's last rating action on Banco Bradesco was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2, and the foreign currency bond rating
was upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Bradesco (Grand Cayman branch)
was on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating and foreign currency junior subordinated bond
rating were upgraded to Baa3, following the same action on the
country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Citibank S.A. was on
January 19, 2009, when the bank's BFSR of C- was placed on review
for possible downgrade and the baseline credit assessment (BCA)
was lowered to Baa2.

Moody's last rating action on Banco Industrial e Comercial was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Itau Unibanco (former Banco Itau)
was on November 3, 2008, when the bank's ratings were affirmed
following the announcement of the merger with Unibanco; stable
outlook.

Moody's last rating action on Itau Unibanco (Cayman Islands),
former Banco Itau Cayman Islands, was on August 23, 2007, when the
bank's long-term foreign-currency bank deposit rating was upgraded
to Ba2 and the long-term foreign-currency senior bond rating was
upgraded to Baa3, following the same action on the country's
foreign currency deposit and bond ceilings; stable outlook.

Moody's last rating action on Banco Itau BBA was on August 23,
2007, when the bank's long-term foreign-currency bank deposit
rating was upgraded to Ba2 and the long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency deposit and bond ceilings;
stable outlook.

Moody's last rating action on Banco Itau BBA (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on Banco Safra was on August 23, 2007,
when the bank's long-term foreign-currency bank deposit rating was
upgraded to Ba2, following the same action on the country's
foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Banco Santander (Brazil) was on
November 17, 2008, when the bank's BFSR was upgraded to C and the
local currency deposit rating upgraded to A2, following the
regulatory approval of the acquisition of Banco Real in Brazil
(ABN AMRO's operations); stable outlook.

Moody's last rating action on Banco Santander (Cayman Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
junior subordinate debt rating was upgraded to Baa3, following the
same action on the country's foreign currency bond ceiling; stable
outlook.

Moody's last rating action on Banco Sofisa was on October 4, 2008,
when the rating agency assigned a D+ BFSR, Ba1/NP long and short-
term local currency deposit ratings, Ba2/NP long and short-term
foreign currency deposit ratings and Aa2.br/BR-1 national scale
deposit rating in Brazil; stable outlook.

Moody's last rating action on Banco Votorantim was on January 15,
2009, when the bank's Baa1 local currency deposit rating was
placed on review for possible upgrade, following the announcement
of the partnership with Banco do Brasil.

Moody's last rating action on Banco Votorantim (Nassau Branch) was
on August 23, 2007, when the bank's long-term foreign-currency
senior bond rating was upgraded to Baa3, following the same action
on the country's foreign currency bond ceiling; stable outlook.

Moody's last rating action on BES Investimento do Brasil was on
April 23, 2009, when the bank's long-term GLC deposit rating of
Baa1 was placed on review for possible downgrade, following an
action at the parent bank Banco Espirito Santo (Portugal), and all
other ratings were affirmed with stable outlook.

Moody's last rating action on HSBC Bank Brasil was on April 17,
2009, when the bank's ratings were affirmed; stable outlook.

Moody's last rating action on ING Bank (Sao Paulo) was on
August 23, 2007, when the bank's long-term foreign-currency bank
deposit rating was upgraded to Ba2, following the same action on
the country's foreign currency deposit ceiling; stable outlook.

Moody's last rating action on Unibanco was on November 3, 2008,
when the bank's ratings were affirmed following the announcement
of the merger with Banco Itau; stable outlook.


BRAZIL: Moody's Review on Ba1 Ratings Won't Affect Petrobras' Rtng
------------------------------------------------------------------
Moody's Investors Service commented that the review for possible
upgrade of the government of Brazil's Ba1 foreign- and local-
currency bond ratings and the Baa3 foreign currency bond ceiling
will have no impact on Petrobras' A3 global local currency rating
or on its Baa1 foreign currency bond rating, both of which have a
stable outlook.

Petrobras' A3 local currency rating reflects application of joint-
default analysis under Moody's government-related issuers
methodology, which considers a baseline credit assessment for
Petrobras of 8 (comparable to Baa1) and factors in a high level of
implied support by the government and a medium level of default
correlation between Petrobras and the government.  An upgrade of
the government's rating does not affect Petrobras' A3 rating using
current support and dependence assumptions, nor would it affect
the company's Baa1 foreign currency bond rating.  While Brazil's
foreign currency ceiling would be raised in tandem with an upgrade
of the government's Ba1 foreign currency rating, Petrobras's Baa1
rating already pierces the country ceiling based on a low
likelihood that the company would be subject to a general debt
moratorium.

The last rating action affecting Petrobras occurred on June 18,
2009, when Moody's affirmed its foreign currency bond rating and
downgraded its global local currency rating to A3, reflecting an
increased level of dependence between Petrobras and the government
of Brazil.

Petróleo Brasileiro S.A., based in Rio de Janeiro, is an
integrated petroleum company and the largest corporation in
Brazil.  The government owns 55.7% of Petrobras' common stock, and
directly and indirectly owns about 43% of Petrobras' common and
preferred shares outstanding.



==========================
C A Y M A N  I S L A N D S
==========================

BERNARD MADOFF: Picard Seeks Default Judgement Vs. Harley
---------------------------------------------------------
Bernard L Madoff Investment Securities LLC trustee Irving Picard
-- appointed under the Securities Investor Protection Act to
liquidate the company -– asked a judge for a default ruling
against Harley International Ltd., arguing that the Euro-Dutch
Management Limited-run hedge fund failed to respond to a lawsuit
accusing it of taking US$1.07 billion in fake profit from
Bernard L Madoff Investment, Erik Larson of Bloomberg News
reports.

According to the report, if Mr. Picard's July 2 request is
granted, Harley International would be ordered to return money it
allegedly withdrew during the six-year period before Bernard L.
Madoff Investment Securities collapsed due to fraud.  Harley
International is being liquidated in a Cayman Islands court by
Kinetic Partners LLP.

The report recalls Harley International didn't respond to the
trustee's May 12 complaint, and a one-month deadline to do so
wasn't extended, according to a June 30 affidavit filed by
Elizabeth Scully, Mr. Picard's lawyers with Baker & Hostetler LLP
firm.  Bloomberg News points out that if the motion is granted,
Mr. Picard may end up battling Harley International's creditors
for its remaining assets as they are sold.

Mr. Picard's complaint, stated that Harley International received
"unrealistically high and consistent annual returns" of about
13.5% from 1996 to 2008.  The hedge fund allegedly withdrew most
of the disputed US$1.07 billion in the two years before Mr.
Madoff's arrest, the complaint said.  The report relates
Mr. Picard said the hedge fund withdrew a total of US$425 million
in the 90 days before Mr. Madoff's firm collapsed.

Bloomberg News says, citing a monthly update sent to investors,
Harley International managed US$2.76 billion as of October 31 and
returned an average of 10.9% annually since April 1996.

                       About Bernard Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks. The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties. It also performed clearing and
settlement services. Clients included brokerages, banks, and
other financial institutions. In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on December 15, 2008,
the Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Mr. Madoff's fraud were allegedly at
least $50 billion.

Also on December 15, 2008, the Honorable Louis A. Stanton of the
U.S. District Court for the Southern District of New York granted
the application of the Securities Investor Protection Corporation
for a decree adjudicating that the customers of BLMIS are in need
of the protection afforded by the Securities Investor Protection
Act of 1970. Irving H. Picard, Esq., was appointed as trustee for
the liquidation of BLMIS, and Baker & Hostetler LLP was appointed
as counsel.

As reported by the TCR, Judge Denny Chin of the U.S. District
Court for the Southern District of New York on June 29, 2009,
sentenced Mr. Madoff to 150 years of life imprisonment for
defrauding investors.



===============
C O L O M B I A
===============

BANCOLOMBIA: Shareholders Approve Sale of 80 Million New Shares
---------------------------------------------------------------
Bancolombia S.A.'s shareholders approved the issuance of up to
80 million preferred shares and authorized the company's board of
directors to determine the specific terms of the issuance,
including applicable timing for the offering or offerings of the
preferred shares.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                          *     *     *

In May 2009, Moody’s Investors Service upgraded from D to D+,
Bancolombia S.A.'s financial strength rating.  The outlook on the
BFSR was changed to "stable", from "positive".  Bancolombia's
long-term and short-term local currency deposit ratings of "Baa2"
and "Prime- 3", as well as the long-term and short-term foreign
currency deposit ratings of "Ba2" and "Not Prime" were affirmed by
Moody's.  Bancolombia's foreign currency subordinated debt rating
of"Baa3" was also affirmed with a stable outlook by the rating
firm.

Fitch Ratings affirmed on June 2009 Bancolombia's long- and short-
term Issuer Default Ratings and outstanding debt ratings as
follows: Long-term foreign currency IDR at 'BB+'; Short-term
foreign currency IDR at 'B'; Long-term local currency IDR at
'BB+'; Short-term local currency IDR at 'B'; Individual at 'C/D';
Support at '3'; Support Floor at 'BB-'.  At the same time the
rating for Bancolombia's subordinated debt maturing May 2017 was
affirmed at 'BB'. The Rating Outlook is Stable.


ECOPETROL SA: Cuts Output by 3,800 Barrels/Day After Protests
-------------------------------------------------------------
Ecopetrol SA has reduced its output by 3,800 barrels a day from
482,000 barrels after protesters blocked access to two production
areas -- Llanito and Cantagallo in Santander province -- Inti
Landauro of Dow Jones Newswires reports, citing company spokesman
Mauricio Telle.  Mr. Telle told the news agency in an interview
that protesters in the towns close to the two production
operations started protesting on Thursday and the company had to
stop output there on Monday.

According to the report, the protest was staged because the
company didn't renew contracts of 44 of the 1,200 guards it hires
to protect the operations.  The report relates Mr. Tellez said the
company was able to downsize its payroll due to an improvement of
its security systems.

                       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. (BVC) under the symbol 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 of July 1, 2009, the company continues to carry Fitch Ratings'
BB+ foreign currency issuer default ratings.



=============
E C U A D O R
=============

* ECUADOR: Posts US$812 Million Trade Deficit in Jan-May
--------------------------------------------------------
Ecuador posted a trade deficit of US$812 million in the first five
months of the year, from a surplus of US$2.07 billion in the same
period of 2008, Mercedes Alvaro of Dow Jones Newswires reports,
citing the central bank.

According to the report, the central bank said exports fell 42% to
US$4.74 billion between January and May from US$8.22 billion in
the same period of the previous year; while imports fell 10% to
US$5.55 billion from US$6.15 billion.

DJ Newswires notes the country's exports of oil products totaled
US$2.06 billion (43%) between January and May, while non-petroleum
products reached US$2.68 billion (57%).  The report relates of the
total imports between January and May, oil products were US$766
million (14% of the total), while the remaining US$4.78 billion
(86%) were non-oil items.

Ecuador, the report says, posted a trade deficit of US$12 million
in May, compared with a surplus of $708 million in the same month
of 2008.  The report relates May exports fell 45% to US$1.09
billion from US$1.97 billion in the same month of last year; while
imports were down 12% to US$1.11 billion from US$1.26 billion.

                        *     *     *

As reported by the Troubled Company Reporter - Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-
term foreign currency Issuer Default Rating (IDR) to 'RD' from
'CCC' following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.


* ECUADOR: Jan-May Crude Oil Export Revenue Drops 63%
-----------------------------------------------------
Ecuador's crude oil export revenue decreased 63% to US$1.82
billion between January and May from US$4.97 billion in the same
period of 2008, Mercedes Alvaro of Dow Jones Newswires reports,
citing the central bank.  The report relates Ecuador exported
50.65 million barrels in the first five months of 2009, down 9%
from the 55.83 million barrels shipped one year earlier.
According to the report, the central bank said the average price
of crude in the five months decreased 60% to $US35.90 per barrel
from US$89.01 a barrel in the 2008 period.

Dow Jones Newswires says of the total exported by the country
between January and May, 16.63 million barrels or 33 percent were
sold by private companies operating in Ecuador, obtaining revenue
of about US$582 million.  The remaining was exported by state-run
Petroecuador, the report notes.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
December 17, 2008, Fitch Ratings downgraded Ecuador's long-term
foreign currency Issuer Default Rating (IDR) to 'RD' from 'CCC'
following the expiration of the grace period for the coupon
payment on the 2012 global bonds that was due on Nov. 15 and the
government's announcement that it will selectively default on all
global bonds.  The short-term foreign currency rating was
downgraded to 'D' from 'C'.  The country ceiling remains at 'B-'.



=============
J A M A I C A
=============

GOODYEAR JAMAICA: Incurs JM$48 Million Net Loss for 2008
--------------------------------------------------------
Goodyear Jamaica Limited, a unit of The Goodyear Tire & Rubber
Company, recorded a JM$48,041,000 net loss for the year ended
December 18, 2008, from a net profit of JM$13,591,000 in the same
period last year.  The company reported revenue of
JM$1,221,991,000, lower from JM$1,269,300,000 in the same period
last year.

As of December 18, 2008, the company reported JM$574,096,000 in
total assets, JM$253,587,000 in total liabilities, resulting to a
JM$333,509,000 total shareholder's equity.

PricewaterhouseCoopers LLP, in Kingston Jamaica, auditor of the
Company, notes that at an extraordinary general meeting on
December 19, 2008, shareholders passed a resolution to voluntarily
liquidate the company as of December 19.  The auditor said the
financial statements for the period ended December 18, 2008 have
therefore not been prepared on a going concern basis, but on a
liquidation basis, with certain assets being revalued to reflect
best estimates of amounts recoverable from a quick distressed
sale.  The adjustment resulting from the use of the liquidation
basis has been recorded directly in equity as an adjustment to
retained earnings.  Additionally, the financial statements include
a provision for expenses to be incurred in respect of the
liquidation.  The financial statements for the year ended
December 31, 2007 were prepared using the going concern basis.

A copy of the Company's Annual Report with the Jamaican Stock
Exchange is available for free at:

           http://ResearchArchives.com/t/s?3ebd

                     About Goodyear Jamaica

Goodyear Jamaica Limited -- http://www.goodyear.com.jm/
-- is engaged in the importation and distribution of tires, tubes
and related rubber products, all of which are imported from
related parties.  Its product portfolio includes tires for
automobiles, light trucks, commercial trucks and farm vehicles.
In addition to Goodyear tires, the Company produces tires under
the Kelly brand name.  The Company's operations are focused in two
geographic segments: Jamaica and the Caribbean, and Central and
South America.  The Company is a 60% subsidiary of the Goodyear
Tire & Rubber Company, in Akron, Ohio, United States.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2008, Radio Jamaica said that the Jamaica Stock Exchange
(JSE) has suspended trading of Goodyear Jamaica's shares following
a company extraordinary general meeting where members voted
unanimously to voluntarily wind up the company and appoint
liquidators.  The report related the liquidators applied to the
JSE for suspension of trading in the shares, which was approved by
JSE Chairman Curtis Martin under the JSE's Rule 411.



===========
M E X I C O
===========

CEMEX SAB: Readies Securitization of Accounts Receivable at Units
-----------------------------------------------------------------
Cemex S.A.B. de C.V. is preparing a domestic market securitization
of accounts receivable at its units, Cemex Mexico and Cemex
Concretos, LatinFrance reports.  The report, citing an S&P report,
relates that details are still undisclosed, but the company is
expected to offer MXP2.3bn 2011 bonds.  According to the report,
bankers on the deal expect it in the coming weeks.  LatinFrance
notes Ixe is managing the sale.

Headquartered in Mexico, Cemex S.A.B. de C.V. --
http://www.cemex.com/-- is a growing global building solutions
company that provides high quality products and reliable service
to customers and communities in more than 50 countries throughout
the world, including Argentina, Colombia and Venezuela.
Commemorating its 100th anniversary in 2006, Cemex has a rich
history of improving the well-being of those it serves through its
efforts to pursue innovative industry solutions and efficiency
advancements and to promote a sustainable future.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 17, 2009, Fitch Ratings placed on "Rating Watch Evolving"
various ratings of Cemex S.A.B. and its subsidiaries, including
their 'B' Foreign currency Issuer Default Rating, 'B' Local
currency IDR, and 'BB-(mex)' Long-term national scale rating.


VITRO SAB: Posts US$411 Million Net Loss for 2008
-------------------------------------------------
Vitro, S.A.B. de C.V., disclosed in a filing with the U.S.
Securities and Exchange Commission financial results for the year
ended December 31, 2008.

At December 31, 2008, the Company's balance sheet showed total
assets of US$2.4 million, total liabilities of US$2.2 million and
stockholders' equity of about US$225,000.

For the year ended December 31, 2008, the Company posted
consolidated net loss of US$411.0 million compared with net income
of US$12 million for the year ended December 31, 2007.  This
decrease was due to a higher total comprehensive financing result
derived from the change of the value claimed by its derivative
counterparties in its derivative instrument transactions of losses
of US$272.0 million for the year ended December 31, 2008, compared
to losses of US$15 million for the year ended December 31, 2007.
The losses were partially offset by income tax benefits and lower
levels of other expenses.

As of December 31, 2008 and March 31, 2009, the Company's
unrestricted cash was US$103 million and cash equivalent balances
was US$81 million.

                        Going Concern Doubt

In June 30, 2009, Galaz, Yamazaki, Ruiz Urquiza, S.C., member of
Deloitte Touche Tohmatsu and C.P.C. Jorge Alberto Villarreal in
Monterrey, N.L., Mexico raised substantial doubt about the
Company's ability to continue as a going concern after auditing
financial results for the period ended Dec. 31, 2007, and 2008.
The auditors pointed out to the Company's net loss and its non-
compliance with covenants related to its long-term debt
obligations.

A full-text copy of the Form 20-F is available for free at http://
ResearchArchives.com/t/s?3ecc

                           About Vitro

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.



=================================================
S T  V I N C E N T  &  T H E  G R E N A D I N E S
=================================================

MILLENNIUM BANK: Founder Used Funds for "Lavish Lifestyle"
----------------------------------------------------------
William J. Wise –- the banker accused of running a US$80-million
Ponzi Scheme in St. Vincent and the Grenadines-based Millennium
Bank –- reportedly used investors' money to live a "lavish
lifestyle", CaribWorldNews reports, citing St Vincent and the
Grenadines investigators.

The relates lawyers' documents showed that:

   -- Mr. Wise used about US$5 million to US$7 million
      to buy an estate in St. Vincent;

   -- Mr. Wise spent US$1 million on wine, US$40,000 a
      month on interest for a private plane, and
      US$400,000 to pay off his Raleigh mortgage;

   -- Mr. Wise's wife was paid US$12,000 week, and

   –- Unknown female companions of Mrs. Wise were each
      paid US$6,000 to US$10,000 a month.

According to the report, investigators also alleged that there is
no evidence Mr. Wise made any investments for the people who
trusted him with their money.  Mr. Wise is currently facing a
civil case from the U.S. SEC but is free of any criminal charges.

According to Caribbean Net News, Minister of Finance, Prime
Minister Dr. Ralph Gonsalves, said the government prevented
Millennium Bank from operating in the country in 2001, but after
the bank appealed against the decision, it was allowed to operate.
Mr. Gonsalves, Caribbean Net News related, said the bank's license
was revoked "due to contraventions of the Banking Act of 1996."
and stated these reasons:

  * the bank was undercapitalized;
  * carrying out business in a reckless manner,
  * detrimental to the public interest;
  * was without a Resident Director as stipulated by law; and
  * the bank was deemed insolvent.

"The funds alleged to be defrauded from investors did not pass
through Millennium Bank in St Vincent and the Grenadines nor our
National Commercial Bank," Mr. Gonsalves was quoted by Caribbean
Net News as saying.  "It is believed that domestic banks in the
U.S. were used to deposit funds from investors in the name of
United Trust Switzerland and then payments made to the
defendants."

Caribbean Net News added that United Trust, another registered
offshore bank in St Vincent, was also placed into receivership.

                       About Millennium Bank

Millennium Bank was a licensed St. Vincent and the Grenadines
bank. Its parent is Geneva, Switzerland-based United Trust of
Switzerland S.A., and its U.S.-based affiliates are UT of S, LLC
and Millennium Financial Group.  The entities' founders are
William J. Wise of Raleigh, N.C. and Kristi M. Hoegel of Napa,
Calif.

In March 2009, the U.S. Securities and Exchange Commission sued
the bank, citing that the bank ran a US$68 million Ponzi scheme
involving the sale of fictitious high-yield certificates of
deposit (CDs) by Millennium Bank.  The SEC alleged that the scheme
targeted U.S. investors and misled them into believing they were
putting their money in supposedly safe and secure CDs that
purportedly offered returns that were up to 321% higher than
legitimate bank-issued CDs.

St Vincent and the Grenadines government's financial arm,
International Financial Services Authority (IFSA), has appointed
KPMG International as receiver for Millennium Bank, following the
SEC's fraud allegations.



===============================
T R I N I D A D  &  T O B A G O
===============================

PETROTRIN LIMITED: Lost TT$600-Mil. for Fiscal Year Ended May 2009
------------------------------------------------------------------
Petroleum Company of Trinidad and Tobago Limited ("Petrotrin")
posted an after-tax loss of TT$600 million between October 2008
and May 2009, Juhel Browne of Trinidad Express reports, citing
Company President Kenneth Allum.  Mr. Allum told the Express in an
interview that the company's management was looking at cutting
costs in all areas of its operations but stressed staff cuts would
be "a last resort".

According to the report, Mr. Allum said the company is "recording
losses so far in the region of TT$500 to TT$600 million." probably
at the end of May.  However, the report relates an unnamed
Petrotrin official later confirmed that the losses Petrotrin
posted in the eight-month period beginning October 1, 2008 was
actually TT$600 million after tax, which means the before tax
losses were much higher.

The Express notes Mr. Allum said Petrotrin's management has come
up with a five-year strategic plan and is confident this will
ensure not only the company's survival but "looking beyond
survival for growth."

Meanwhile, Oilfields Workers' Trade Union (OWTU) president General
Ancel Roget, the Express recalls, had earlier said that the union
would fight any staff cuts at Petrotrin.

                   Employees Staged Strike

Trinidad and Tobago Newsday reported on July 4 that Petrotrin's
workers staged a strike that started in July 3, to protest the
company's failure to pay their variable pay in one lump sum
payment.

"We maintain the firm position that all variable pay which became
due March 31, 2009 must be paid in one payment and immediately.
Notwithstanding the propaganda being spread by the company and
some of their agents, . . . we again state categorically that
there was absolutely no agreement with the union to pay variable
pay in tranches," the report quoted Mr. Roget as saying.

According to the report, Mr. Roget called for the total shutdown
of Petrotrin's island-wide facilities to protest the decision to
pay workers their profit sharing packages in three tranches.  The
report relates Mr. Roget told workers to stay at home until a
meeting could be held with Petrotrin officials to rectify the
decisions.

Newsday noted that operations at Trinmar marine Operations, Santa
Flora, Guyaguayare, and Forest Reserve all ground to a halt while
activities at the Pointe-a-Pierre marine base were all being
suspended due to the workers' action.

According to a company memo, the amount owed to the over 5,000
workers was TT$353,309,525, the report said.

                      About Petrotrin

Petroleum Company of Trinidad and Tobago Limited ("Petrotrin")
-- http://www.petrotrin.com-- is an integrated Oil and Gas
Company.  It is a limited liability company that is wholly owned
by the Government of the Republic of Trinidad and Tobago.  Its
principal activities are the exploration for, development of and
production of hydrocarbons and the manufacturing and marketing of
petroleum products.

The company was incorporated on January 21, 1993 to consolidate
and operate the petroleum producing, refining and marketing assets
of State-owned enterprises: Trinidad and Tobago Oil Company
Limited (Trintoc) and Trinidad and Tobago Petroleum Company
Limited (Trintopec).  In 2000, Petrotrin acquired the assets of
Texaco Inc. in the joint venture Trinmar Limited, making that
entity a part of its Exploration and Production operations.



=================
V E N E Z U E L A
=================

PETROLEOS DE VENEZUELA: Demands Mass Contractor Discounts
---------------------------------------------------------
State-owned Petroleos de Venezuela has sent a letter to a large
group of service providers and vendors demanding a discount on the
money that the company owes them, Marianna Parraga of Reuters
reports, citing several recipients of the letter.  The report
relates PDVSA's letter, dated July 1, said the companies must
present by July 6 bills with the discount included for goods and
services provided.

According to the report, several of the companies involved are
owed money for services from a year back and some said they had
already declared dividends based on what they are owed, making it
difficult to retroactively apply a discount.

As reported in the Troubled Company Reporter-Latin America on
June 12, 2009, Dow Jones Newswires said PDVSA, in its 2008
financial results, reported that its US$13.9 billion in pending
payments to oil-service providers was reduced nearly half to
US$7.5 billion, after reviewing and renegotiating some of the
contracts with these companies.  The report related PDVSA already
paid US$2 billion of its debt with providers from 2008, and hopes
to bring the debt level down to zero by year-end.

The company, according to Dow Jones Newswires, is issuing a bond
to cover some of the remaining debts to service providers.  The
report relates the company sold two-year, zero-coupon paper with a
face value of US$1.4 billion at an average price of 180%, giving a
total of US$2.6 billion from the sale.

                        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
and/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'



===============
X X X X X X X X
===============

* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

                            ***********

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.  Marie Therese V. Profetana, Marites O. Claro, Joy
A. Agravente, Pius Xerxes V. Tovilla, 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 * * *