S&P affirms Unibanco

Standard & Poor's said it affirmed its BB-/B foreign currency and BB/B local currency counterparty credit ratings on Unibanco-União de Bancos Brasileiros SA. The outlook is stable.

S&P said the rating on Unibanco incorporates the relatively weak operational efficiency and credit quality of the bank as compared to that of its major retail peers, the fairly low profitability of its large branch network and the implicit risks of operating in the Brazilian market and its high economic risk.

Partially counterbalancing these aspects, S&P said the rating also reflects the well-positioned consumer finance franchise resulted from several acquisitions and agreements, the bank's organizational restructuring and the lower delinquency ratio of its newly originated loans.

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