BRAZIL, Sep. 16, 2009 (Info-Prod Research) -- Moody's Investors Service upgraded thefinancial strength and deposit ratings of Banco Ibi S.A. -- BancoM?ltiplo (Ibi), aligning them with those of Banco Bradesco S.A. (NYSE:BBD)(Bradesco) following the announcement of regulatory authorization forits acquisition by Bradesco issued on September 11, 2009. Moody's upgraded Ibi's bank financial strength rating (BFSR), to B- fromE+; its global long and short term local currency deposit ratings to A1and Prime 1 from B1 and Not Prime, respectively; and its Braziliannational scale ratings to Aaa.br and BR-1 from Baa1.br and BR-2. Theoutlook on these ratings is now stable. At the same time, the long-termforeign currency deposit rating was lifted to Ba2 from B1 and placed onreview for possible upgrade, in line with Moody's ongoing review of theBrazilian foreign currency deposit ceiling. These rating actions concludethe review for possible upgrade initiated on June 5, 2009.The rating action reflects Bradesco's acquisition of 100% of Ibi'soutstanding shares, as announced June 4, 2009, in an all-stocktransaction of approximately R$1.4 billion, which represented roughly1.6% of Bradesco's equity as of December 2008. Moody's expects Ibi'sfranchise to be absorbed into Bradesco's credit card division followingfinal shareholder approval expected within the next 40 to 45 days.Bradesco's ratings were not affected by the Ibi acquisition, Moody'sadded. Moody's last rating action on Ibi was on June 5, 2009, when it placed all ratings on review for possible upgrade following the announcement of the bank's acquisition by Bradesco. Banco Ibi's headquarters are located in Barueri, S?o Paulo, Brazil. As of June 30, 2009, the bank reported total assets of R$4.3 billion (US$2.2 billion) and equity of R$867 million (US$444 million).
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