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Banco Bradesco Brazil's largest private-sector bank, said it has no plans to borrow on international markets this year despite receiving on Friday investment grade status from a ratings agency for the first time.
Jose Guilherme Lembi de Faria, the bank's director of foreign affairs, said investment grade status granted by Moody's Investors Services would reduce the cost of borrowing abroad but the local debt market remained more attractive.

Copyright Reuters, 2006

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