Moody's on June 2 affirmed U.K.-based Itau BBA International Plc's long-term deposit and issuer ratings at A3 and revised the outlook to negative from stable.

The outlook revision followed the agency's similar actions on Brazil-based parent Itaú Unibanco SA and Brazil's sovereign rating.

The agency said the downside risk to Itau BBA International's own creditors stemming from a potential further deterioration in credit risk from its parent or Brazil has increased.

Itau BBA International's P-2 short-term bank deposit rating, "baa2" baseline and adjusted baseline credit assessments and long- and A2(cr)/P-1(cr) short-term counterparty risk assessments were affirmed.