Fitch upgrades Banrisul

Fitch Ratings said it upgraded Banco do Estado do Rio Grande do Sul SA's (Banrisul) long-term foreign and local currency issuer default ratings to BB- from B+. The outlook is stable.

Banrisul's viability rating has also been upgraded to bb- from b+.

At the same time, Fitch upgraded Banrisul's long-term national ratings to A+(bra) from A(bra) and revised its outlook to positive from stable.

“The upgrade of Banrisul's ratings reflects a greater influence of the bank's company profile assessment on the institution's VR,” the agency said in a news release.

“The bank's company profile, underpinned by its business model and franchise, has been tested in recent years and proved resilient to the continuous challenges in the bank's operating environment in the State of Rio Grande do Sul.”

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