Moody´s
National Rating
Long-term Deposits	Aaa.br
Short-term Deposits	BR-1
International Rating
Global Foreign Currency Ratings
Long-term Deposits	Ba2
Short-term Deposits	NP
Long-term Debt	Baa3*
Global Local Currency Ratings
Long-term Deposits	A1
Short-term Deposits	P-1
Insolvency
Financial Strength	B-
Standard & Poor´s
International Rating
Foreign Currency
Short-term	B
Long-term	BB+
Local Currency
Short-term	B
Long-term	BB+
Fitch Ratings
National Rating
Short-term	F1+ (bra)
Long-term	AA+ (bra)
Perspective	Stable
International Rating
Foreign Currency
Short-term	F3
Long-term	BBB
Perspective	Stable
Local Currency
Short-term	F3
Long-term	BBB
Perspective	Stable
Individual	C
Support	3

*The Baa3 rating was attributed to the US$2 billion MTN Programme (Medium Term Note Programme) of Unibanco - União de Bancos Brasileiros, to the R$325 million notes indexed to the IGP-M (General Market Price Index) and payable in US dollars issued by Unibanco Grand Cayman Branch in February 2005, and to the Perpetual Bond issued by Unibanco Grand Cayman Branch in July 2005.