OREANDA-NEWS. April 11, 2011. On April 4, 2011, the credit risk rating agency Fitch Ratings upgraded Brazil’s Issuer Default Rating (IDR) in foreign and local currency from “BBB-“ to “BBB’ and its Country Ceiling from “BBB” to “BBB+”.

Yesterday, the agency upgraded Bradesco’s short- and long-term IDRs as follows, underlining the bank’s solid financial strength:

- Long-term foreign currency IDR from 'BBB' to 'BBB+';

- Long-term local currency IDR from 'BBB+' to 'A-';

- Short-term local currency IDR from 'F2' to 'F1';

- Subordinated debt falling due in September 2019, from 'BBB-' to 'BBB'; and

- Subordinated debt falling due in September 2021, from 'BBB-' to 'BBB'.

The Financial Strength Rating (FSR) of Bradesco Seguros S.A., was also upgraded from 'BBB+' to 'A-'.