| Unibanco's credit ratings reflect its strenght, its management quality and its
performance in the various businesses. The bank is rated by all three major international
risk agencies: Moody's, Standard & Poors and Fitch Ratings.
Fitch Ratings in 2004 upgraded Unibanco's international long-term local currency
rating twice. In June the bank was upgraded to B+ from BB- and, in September,
to BB from BB-. Also in September, Unibanco's long-term foreign currency rating
was upgraded to BB- from B+ by Fitch, while Standard & Poors upgraded the
same rating to BB- from B+.
In October Moody's upgraded Unibanco's foreign currency global scale rating:
long-term deposits went to B2 from B3 and long-term debt to Ba2 from Ba3.
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