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S&P affirms Itaú, core subsidiary

S&P Global Ratings on Oct. 10 affirmed its BB/B global scaleand brAA-/brA-1 national scale ratings on ItaúUnibanco Holding SA and ItaúUnibanco SA.

The outlook on the ratings remains negative.

The ratings on Itaú Unibanco Holding reflect its "sound"business stability and "healthy" profitability. These factors are supportingthe bank's solid market share despite Brazil's weak economy.

S&P said that the negative outlook on the bank reflects Brazil'srating. Credit analyst Jose Perez-Gorozpe said that "the ratings on the latterconstrain those on Itaú, given its relevant exposure to sovereign risk. Therefore,we expect the ratings on the bank to move in tandem with the sovereign ratings."

The rating agency expects Itaú's capitalization to remain "fairlystable." S&P also noted that the bank's sound net interest margins andfee revenue flows have compensated for higher nonperforming assets and credit losses.

S&P Global Ratingsand S&P Global Market Intelligence are owned by S&P Global Inc.