NEW YORK (Standard&Poor's CreditWire) Jan. 3, 2001--Standard&Poor's today raised the local and foreign currency counterparty credit ratings on both Banco Nacional de Desenvolvimento Economico e Social (BNDES) and Banco do Nordeste do Brasil S.A. (BNB). BNDES' counterparty credit rating were upgraded to double-'B'-plus/double-'B'-minus from double-'B'/single-'B'-plus; BNB's ratings were similarly raised to double-'B'-plus/double-'B'-minus from double-'B'/single-'B'-plus. The outlooks on the ratings were revised to stable from positive for both institutions. This action reflects the upgrade on the long-term local and foreign currency sovereign credit ratings on the Federative Republic of Brazil, Standard&Poor's said.--CreditWire RATINGS UPGRADED; OUTLOOKS REVISED TO STABLE To From Issuer Banco Nacional de Desenvolvimento Economico e Social (BNDES) LC/FC counterparty credit ratings 'BB+/BB-' 'BB/B+'
