Fitch ups Banco Votorantim long-term local rating to BB+

Fitch Ratings said it upgraded Banco Votorantim SA's local currency long-term rating to BB+ from BB and has affirmed the bank's foreign currency long- and short-term ratings of BB- and B, respectively; the bank's local currency short-term rating of B and the national long- and short-term ratings of AA(bra) and F1+(bra), respectively.

The bank's individual rating of C/D and its support rating of 4 were also affirmed.

The outlook on all long-term ratings is stable.

Fitch said the upgrade of Banco Votorantim's local currency long-term rating reflects Fitch's opinion regarding the strength of the bank's ultimate parent - Votorantim Participacoes SA to which a local currency rating of BBB and a national long-term rating of AAA were recently assigned. Fitch said it believes that the group has both the commitment and financial strength to support the bank, in case of need.

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