Moody\'s Investors Service has placed on
review for possible upgrade the Ba2 long-term global local currency
deposit ratings of BankBoston Uruguay S.A , as well as its Aa3.uy
local-currency national scale deposit ratings.

The rating action is the direct result of the sovereign rating action on
the Brazilian Ba2 foreign currency government bond rating, which was
placed under review for possible upgrade on May 24th. The global local
currency deposit rating of BankBoston Uruguay, set at Ba2, reflects the
assessment of the probability of support from its parent bank, Banco Itau
Holding Financeira,, and it is derived from Brazil\'s Ba2 foreign currency
government bond rating

BankBoston Uruguay S.A. is a multi-product commercial bank, with a branch
network throughout the country. As of December 2006, the bank had Ur$
20.2 billion of assets and Ur$ 1.6 billion of equity.

The following rating was placed under review for possible upgrade:

-Long Term Global Local Currency Deposits: Ba2

-National Scale Rating for Local Currency Deposits: Aa3.uy