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Rating Action:

Moody's América Latina downgrades local currency issuer and debt ratings of several Brazilian bank-related entities

 The document has been translated in other languages

12 Aug 2015

Sao Paulo, August 12, 2015 -- Moody's América Latina Ltda has today downgraded by one notch the long-term global local currency issuer and debt ratings of BNDES Participações S.A. (BNDESPar), Itaúsa - Itaú Investimentos S.A. (Itaúsa) and Dibens Leasing S.A., including the local currency subordinated debt ratings assigned to the outstanding debentures issued by Dibens Leasing, BFB Leasing S.A. and Itaúbank Leasing S.A., all of which are backed by Dibens Leasing.

These actions follow and are in line with Moody's August 11, 2015 downgrade of Brazil's government bond rating to Baa3 from Baa2. In addition to downgrading Brazil's issuer rating, Moody's downgraded its senior unsecured debt rating to Baa3 from Baa2, and the senior unsecured shelf rating to (P)Baa3 from (P)Baa2. The rating agency also changed Brazil's foreign currency country ceilings as part of this rating action. The foreign currency bond ceiling went to Baa2 from Baa1, while the foreign currency deposit ceiling went to Baa3 from Baa2. The outlook for these entities' issuer and debt ratings was changed to stable from negative, in line with the stable outlook for their bank-related entities' ratings.

In addition, Moody's has downgraded the long -term Brazilian national scale issuer ratings assigned to Itaúsa. In line with the downgrade of the global scale rating, the rating agency also downgraded, by one notch to Aa1.br from Aaa.br, Itausa's Brazilian national scale senior unsecured debt and subordinated debt ratings assigned to the debentures (both notes and program) issued by Dibens Leasing, Itaúbank Leasing and BFB Leasing.

Finally, Moody's has affirmed the Brazilian national scale issuer ratings assigned to BNDESPar and Dibens Leasing at Aaa.br.

These rating actions follow the August 12, 2015 publication of rating actions on the bank-affiliated companies of these entities. (For more information, please refer to the press release, "Moody's downgrades ratings of 12 Brazilian banks, one bank-holding company and BM&FBovespa; outlook changed to stable.")

Also refer to the August 11, 2015 press release, "Moody's downgrades Brazil's rating to Baa3 from Baa2; outlook changed to stable."

For additional information on bank ratings, please refer to the webpage containing Moody's related announcements.

The following are Brazilian financial institutions covered in this press release:

- BNDES Participações S.A.

- Itaúsa -- Investimento Itaú S.A.

- Dibens Leasing S.A. -- Arrendamento Mercantil

- BFB Leasing S.A. -- Arrendamento Mercantil (backed debt)

- Itaúbank Leasing S.A. -- Arrendamento Mercantil (backed debt)

RATINGS RATIONALE

The downgrades of long-term global local currency issuer and debt ratings assigned to these entities follow the rating actions taken on their affiliated bank-companies' ratings. These actions are also in line with the downgrade on Brazil's government bond rating to Baa3 from Baa2, to which the ratings of the banks and affiliates related to the entities named in this action are aligned to. The outlook on ratings was changed to stable from negative, in line with the outlook on the Brazil's Baa3 government bond rating, which was changed to stable from negative.

The main drivers of the downgrade of the sovereign's ratings were the following: (1) weak economic growth, increased government spending and a lack of political consensus that will limit the authorities' ability to arrest and reverse deficit and debt trends and (2) debt metrics that Moody's expects will deteriorate materially relative to Baa-rated peers. At the same time, the Baa3 rating still incorporates the country's ability to withstand external financial shocks given ample international reserve buffers; a government balance sheet with relatively limited exposure to foreign currency debt and non-resident debt holdings compared with its peers; and a large and diversified economy.

Due to the weak operating environment anticipated for the remainder of 2015 and 2016, characterized by declining industrial production, rising unemployment and high inflation, and the consequent deterioration in the repayment capacity of companies and households, Moody's expects that banks will reinforce provisions for loan losses. Although the banks' recent performance has benefited from high credit spreads and trading gains, over the medium-term, the slowdown in business origination and rising credit costs may challenge earnings generation.

Notwithstanding the stable outlook on most of the affected bank-related entities, their ratings could face further downward pressure should Brazil's operating environment deteriorate more sharply than currently expected, resulting in a substantial rise in delinquencies and credit costs, and/or a decline in profitability and capitalization levels. Those banks that are more adversely affected by the current environment could see their ratings fall first. The ratings might also be downgraded again if the sovereign's rating declines further.

The following institutions' long-term global local currency issuer ratings were downgraded by one notch, with stable outlook:

- Dibens Leasing S.A. Arrendamento Mercantil: to Baa3 from Baa2

- Itausa - Itau Investimentos S.A.: to Ba1, from Baa3

- BNDES Participações S.A. - BNDESPAR: to Baa3 from Baa2

The following institutions' local currency senior debt ratings were downgrade by one notch , with stable outlook:

- Dibens Leasing S.A. Arrendamento Mercantil: to (P)Baa3 from (P)Baa2

- BNDES Participações S.A. -- BNDESPAR: to (P)Baa3 from (P)Baa2

The following institution's local currency subordinated debt rating was downgraded:

- Dibens Leasing S.A.: to Ba1 from Baa3

The following institution's Brazilian national scale issuer rating was downgraded:

- Itausa -- Itaú Investimentos S.A.: to Aa1.br from Aaa.br

The following institutions' Brazilian national scale subordinated debt ratings were downgraded:

- Dibens Leasing S.A.: to Aa1.br from Aaa.br

- BFB Leasing S.A.(BACKED): to Aa1.br from Aaa.br

- ItaúBank Leasing S.A.(BACKED): to Aa1.br from Aaa.br

The following institutions' Brazilian national scale issuer and /or senior unsecured debt ratings were affirmed:

- Dibens Leasing S.A.: Aaa.br

- BNDESPar: Aaa.br

METHODOLOGY USED

The principal methodology used in rating Dibens Leasing S.A. Arrendamento Mercantil, BFB Leasing S.A. Arrendamento Mercantil, Itaúbank Leasing S.A. Arrendamento Mercantil, Itaúsa - Itaú Investimentos S.A. was Banks, published in March 2015. The principal methodology used in rating BNDES Participações S.A. - BNDESPAR was Government-Related Issuers, published in October 2014. Please see the Credit Policy page on www.moodys.com.br for copies of these methodologies.

Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in June 2014 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

LAST RATING ACTIONS

The last rating action on Itaúsa -- Itaú Investimentos S.A. was on May 11, 2015, when Moody's América Latina confirmed the Baa3 long-term global local currency issuer and affirmed the Aaa.br long-term Brazilian national scale issuer ratings, concluding the review on Itaú Group's ratings that was initiated upon implementation of Moody's new bank methodology on March 16, 2015.

The last rating action on Dibens Leasing S.A. was on May 11, 2015, when Moody's América Latina downgraded the entity's local currency issuer and senior unsecured debt ratings to Baa2, and its subordinated debt rating to Baa3, concluding the review on Itaú Group's that was initiated upon the implementation of Moody's new bank methodology on March 16, 2015. Moody's also affirmed Dibens' national scale ratings.

The last rating action on Itaúbank Leasing S.A. was on May 11, 2015, when Moody's América Latina downgraded the entity's local currency subordinated debt ratings (BACKED) to Baa3 from Baa2 and confirmed the Brazilian national scale subordinated debt rating on the outstanding debentures at Aaa.br.

The last rating action on BFB Leasing S.A. was on May 11, 2015, when Moody's América Latina downgraded the entity's local currency subordinated debt ratings (BACKED) to Baa3 from Baa2 and confirmed the Brazilian national scale subordinated debt rating on the outstanding debentures at Aaa.br.

The last rating action on BNDESPAR was on June 17, 2015, when Moody's América Latina affirmed the long-term global local currency issuer rating of Baa2, the long-term global local currency senior unsecured debt rating of Baa2, and the long-term Brazilian national scale issuer and senior unsecured debt ratings of Aaa.br. The rating agency also affirmed the long-term senior unsecured debt ratings assigned to BNDESPAR's MTN Program of (P)Baa2 global scale and Aaa.br Brazilian national scale.

REGULATORY DISCLOSURES

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

Please see the ratings disclosure page on www.moodys.com.br for general disclosure on potential conflicts of interests.

Moody's America Latina Ltda. may have provided Other Permissible Service(s) to the rated entity or its related third parties within the 12 months preceding the credit rating action. Please see the special report "Services provided to entities rated by Moody's America Latina Ltda." on our website www.moodys.com.br for further information.

Entities rated by Moody's America Latina Ltda. (and the rated entities' related parties) may also receive products/services provided by parties related to Moody's America Latina Ltda. engaging in credit ratings activities. Please go to www.moodys.com.br for a list of entities receiving products/services from these related entities and the products/services received. This list is updated on a quarterly basis.

The date of the last Credit Rating Action for BNDES Participacoes S.A. - BNDESPAR was 17 June 2015.

The date of the last Credit Rating Action for Dibens Leasing S.A. - Arrendamento Mercantil was 11 May 2015.

The date of the last Credit Rating Action for ItauBank Leasing S.A. Arrendamento Mercantil was 11 May 2015.

The date of the last Credit Rating Action for BFB Leasing S.A., Arrendamento Mercantil was 11 May 2015.

The date of the last Credit Rating Action for Itausa - Investimentos Itau S.A. was 11 May 2015.

Moody's ratings are constantly monitored, unless designated as point-in-time ratings in the initial press release. All Moody's ratings are reviewed at least once during every 12-month period.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.br.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The following information supplements Disclosure 10 ("Information Relating to Conflicts of Interest as required by Paragraph (a)(1)(ii)(J) of SEC Rule 17g-7") in the regulatory disclosures made at the ratings tab on the issuer/entity page on www.moodys.com.br for each credit rating as indicated:

Moody's was not paid for services other than determining a credit rating in the most recently ended fiscal year by the person(s) that paid Moody's to determine this credit rating.

Please see ratings tab on the issuer/entity page on www.moodys.com.br for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com.br for further information.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com.br for further information on the meaning of each rating category and the definition of default and recovery.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com.br, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com.br for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com.br for additional regulatory disclosures for each credit rating.

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: 800-891-2518
SUBSCRIBERS: 55-11-3043-7300

M. Celina Vansetti
MD - Banking
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's America Latina Ltda.
Avenida Nacoes Unidas, 12.551
16th Floor, Room 1601
Sao Paulo, SP 04578-903
Brazil
JOURNALISTS: 800-891-2518
SUBSCRIBERS: 55-11-3043-7300

Moody's América Latina downgrades local currency issuer and debt ratings of several Brazilian bank-related entities
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