Fitch Upgrades Bicbanco

Fitch has upgraded the national ratings of Brazil’s Bicbanco to A from A minus, citing the good results of the bank’s strategic planning, a satisfactory track record despite the global financial crisis and conservatism in boosting provisions. The outlook is stable. With a larger capital base following its 2007 IPO, Fitch believes Bicbanco is better positioned to implement its growth strategy in medium-sized companies and broaden its competitiveness.