Fitch Upgrades Brazilian Future Flow Transactions

CHICAGO--(Business Wire)--
Fitch upgrades three Diversified Payment Rights (DPRs)
transactions from Brazilian banks. These upgrades reflect the
continued positive performance of each future flow trust and the
strengthening of their underlying collateral. The upgrades were
further supported by general improvements in the underlying bank
credit quality and debt profiles. Finally, these transactions benefit
from continued improvements to the credit quality of Brazil.

The following three future flow Issuer Default Ratings (IDRs) and
13 issue ratings were upgraded:

Brazilian Diversified Payment Rights Finance Co. (Banco Itau)

-- IDR to 'A' from 'A-';

-- Series 2003-3 to 'A' from 'A-';

-- Series 2004-1 to 'A' from 'A-';

-- Series 2005-1 to 'A*' from 'A-*';

-- Series 2005-2 to 'A' from 'A-';

-- Series 2005-VF to 'A'* from 'A-*';

-- Series 2006-1 to 'A' from 'A-'.

*Underlying ratings

Brazil Foreign Diversified Payment Rights Finance Co. (Banco
Santander)

-- IDR to 'A' from A-';

-- Series 2004-1 to 'A' from 'A-'.

-- Series 2008-1 to 'A' from 'A-'.

UBB Diversified Payment Rights Finance Company (Uniao de Bancos
Brasileiros)

-- IDR to 'A-' from 'BBB+';

-- Series 2002-1 A&R to 'A-' from 'BBB+';

-- Series 2003-2 to 'A-' from 'BBB+';

-- Series 2003-3 A&R to 'A-' from 'BBB+';

-- Series 2004-2 VFN to 'A-' from 'BBB+'

-- Series 2005-1 to 'A-'* from 'BBB+*'.

*Underlying ratings

Fitch's rating definitions and the terms of use of such ratings
are available on the agency's public site, www.fitchratings.com.
Published ratings, criteria and methodologies are available from this
site, at all times. Fitch's code of conduct, confidentiality,
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Fitch Ratings
Greg Kabance, +1-312-368-2052 (Chicago)
Sam Fox, +1-312-606-2307 (Chicago)
Mark Salgado, +1-312-368-2080 (Chicago)
Media Relations: Christopher Kimble, +1-212-908-0226
(New York)

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