S&P ups Banco BMG outlook to stable

Standard & Poor's said that it revised its outlook on Banco BMG SA to stable from negative.

At the same time, the agency said it affirmed its ratings on BMG, including its BB-/B counterparty credit rating.

"The outlook revision reflects Banco BMG's capacity to adjust to the more-challenging industry environment," said S&P credit analyst Ricardo Brito.

The bank posted higher profits for the first six months of 2009 than during either the first half of 2008 or the second half of 2008, the agency noted.

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