Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Itau Unibanco Holding S.A.Global Credit Research - 12 Feb 2021New York, February 12, 2021 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Itau Unibanco Holding S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 10 February 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.Itau Unibanco's (Itau) Ba2 long-term global local currency deposit rating incorporates the bank's baseline credit assessment of ba2 and Moody's assessment of very high probability of support from the government, in case of need, because of the bank's systemic importance. Itau Unibanco Holding (IUH), the controlling shareholder of the bank, has an issuer rating of Ba3 and a foreign currency senior unsecured debt rating of Ba3. IUH's issuer rating is one notch off its operating bank's Ba2 deposit rating, considering the structural subordination of the bank holding's obligations to the obligations of the operating bank. We also assign an issuer rating of Ba3 to Itaúsa -- Investimentos Itaú S.A., which is one notch below Itau Unibanco's deposit rating of Ba2. This notching incorporates the structural subordination of Itausa's debt obligations to the bank's.Itau's ba2 BCA reflects the bank's leading position in the Brazilian financial system and its broad business diversification, including an international footprint in retail banking in other Latin American countries that provides strong and stable earnings recurrence. Asset quality is good, based on a disciplined risk management, and is historically close to the industry's average. The BCA is also bolstered by Itau's ample access to core deposits and institutional funding, both domestic and international, that supports its liquidity profile. Capital position is adequate, supported by sound internal earnings generation.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Banks Methodology published in November 2019. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Ceres Lisboa Senior Vice President Financial Institutions Group Moody's America Latina Ltda. Avenida Nacoes Unidas, 12.551 16th Floor, Room 1601 Sao Paulo, SP 04578-903 Brazil JOURNALISTS: 0 800 891 2518 Client Service: 1 212 553 1653 M. Celina Vansetti-Hutchins MD - Banking Financial Institutions Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). 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