info

Yes No
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Você está prestes a deixar o site local do Brasil e será direcionado ao site global. Deseja continuar?
Não exibir esta mensagem novamente
Sim
Não
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:
​​

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

Moody's affirms Belfius Bank's senior unsecured rating at Baa1/P-2; outlook stable

14 May 2014

Belfius Bank's BFSR upgraded to D+/ba1; outlook stable

Paris, May 14, 2014 -- Moody's Investors Service has today affirmed Belfius Bank SA/NV's and its supported long-term and short-term senior unsecured and deposit ratings at Baa1/Prime-2. The rating agency concurrently upgraded Belfius Bank's standalone bank financial strength rating (BFSR) to D+ -- equivalent to a ba1 baseline credit assessment -- from D-/ba3. The outlook is stable on the long-term ratings and the BFSR.

The upgrade reflects (1) the bank's progress in rebranding the bank and recovering customer operations; (2) the material improvement in liquidity over the past two years; and (3) the improved risk profile as a result of reduced exposure to Dexia Credit Local (DCL; Baa2 negative/Prime-2, E stable /ca) and asset disposals. However, the BFSR remains constrained by the still-limited visibility on the bank's profitability, the existence of high concentrations in its investment portfolio, and the legacy portfolio that it inherited from Dexia Group, which continues to weigh on the bank's capital and liquidity.

In addition, Moody's has upgraded Belfius Bank's and its supported subordinated debt to Ba2 from B1, and Belfius Financing Company S.A's backed junior subordinated debt rating to Ba3(hyb) from B2(hyb), as a reflection of Belfius Bank's higher standalone credit strength. The outlook is stable on these ratings. Belfius Bank's 6.25% cumulative junior subordinated debt rating remains unaffected at Caa1 (hyb) due to the ban on coupon payments that the European Commission (EC) imposed on these securities until the end of 2014.

Please refer to the list of affected debts at the end of this report.

RATINGS RATIONALE

The upgrade of Belfius Bank's standalone credit strength reflects the following drivers.

-- PROGRESS ACHIEVED IN REBRANDING THE BANK AND RECOVERING CUSTOMER OPERATIONS

The bank's franchise was affected by the credit deterioration of its previous owner Dexia Group in 2011, but the situation has materially improved since October 2011 under the ownership of the Kingdom of Belgium (Aa3 stable). The new name aimed to distance its image from Dexia Group and signaling that the bank would take a different direction by focusing on serving its domestic core markets. Belfius's brand recognition rate is now in line with that of its main peers. Customer funding, which had dropped to around EUR76 billion in November 2011 has recovered to EUR79.5 billion at year-end 2013, as reported by the bank.

-- MATERIAL IMPROVEMENT IN LIQUIDITY

Belfius Bank's improved liquidity since 2011 is evidenced by the circa 65% decrease in its reliance on central bank and secured short-term funding to EUR22 billion at year-end 2013 or 12% of its total balance sheet based on Moody's estimates. These funding sources accounted for 27% of the bank's total liabilities at year-end 2011. The residual central bank funding at year-end 2013 is limited to the EUR13.5 billion LTRO from the European Central Bank, which finances EUR13.4 billion state-guaranteed debt issued by DCL.

This progress was primarily achieved thanks to the drastic decrease in the financing provided to DCL over the period. Additionally, as a result of the recovery in deposits, Belfius Bank currently has excess customer funds over loans that are used to finance its other assets. The successful issuances of covered bonds under the Belgian legislation in place since 2012 have also allowed the bank to lengthen the term structure of its wholesale funding.

-- IMPROVED RISK PROFILE AS A RESULT OF REDUCED EXPOSURE TO DCL AND ASSET DISPOSALS

Moody's considers that credit risks related to DCL have now subsided sufficiently and the rating agency does not expect material losses to stem from the current legacy portfolio in a base case scenario. The bank reports that gross and net exposures to Dexia Group entities decreased to EUR13.4 billion (state-guaranteed debt) and nil, respectively at year-end 2013, from circa EUR56 billion and EUR22.6 billion, respectively at end-September 2011. Belfius Bank also carried out circa EUR7.5 billion de-risking operations in its investment portfolio since the end of 2011, notably in the legacy bond portfolio in run-off inherited from Dexia Group, which decreased EUR5.9 billion over the period to EUR12.4 billion at year-end 2013.

-- CONSTRAINTS ON THE STANDALONE CREDITWORTHINESS

The following challenges continue to constrain Belfius Bank's intrinsic creditworthiness:

(1) While the volatility observed in the bank's result over the past two years limits the visibility on its ability to generate sufficient profit in the near future to increase its loss-absorption capacity, the recurring profit prospects remain relatively weak in our view.

(2) Belfius is exposed to high credit concentrations in both its investment portfolio and core public-sector lending operations. In particular, the bank's portfolio of Italian government bonds and Spanish covered bonds imply some tail risk, despite the positive effects of the selective de-risking operations the bank carried out in 2012 and 2013;

(3) The holding of the legacy bond portfolio weighs on Belfius's bottom line profitability because of the very low spreads over LIBOR that it generates, resulting in limited profitability for this portfolio. It also weighs on the bank's capital by generating non-negligible negative AFS reserves and risk-weighted assets that are prone to volatility depending on the evolution of markets, and to a lesser extent on its liquidity.

-- DEBT & DEPOSIT RATINGS

As a result of the upgrade of Belfius Bank's standalone BFSR, the systemic uplift from the bank's BCA has reduced to three notches from five, which included some extraordinary support from the Belgian government, the bank's 100% owner. Belfius Bank's Baa1 debt and deposit ratings continue to incorporate a very high probability of systemic support from the Belgian government, if needed.

--- RATIONALE FOR THE OUTLOOKS

The outlook is stable on Belfius Bank's BFSR, consistent with Moody's view that the firm's standalone BCA incorporates all currently foreseeable risks over the outlook period.

The outlook is stable on Belfius Bank's and its supported long-term senior unsecured and deposit ratings, in line with the outlook on the firm's BFSR.

-- SUBORDINATED AND HYBRID DEBT

The upgrade of Belfius Bank and its supported subordinated debt ratings to Ba2 from B1 is triggered by the upgrade of the bank's BFSR.

The upgrade of Belfius Financing Company's backed junior subordinated debt rating to Ba3 (hyb) from B2(hyb) was also triggered by the upgrade of the bank's standalone BFSR. Belfius Financing Company's backed junior subordinated debt rating is positioned two notches below Belfius Bank's adjusted BCA (equivalent to the bank's standalone BCA in the absence of parental and cooperative support).

All the above ratings carry a stable outlook.

WHAT COULD CHANGE THE RATINGS UP / DOWN

Belfius's BFSR and thus its senior ratings could be upgraded as a result of (1) further reduction in risk concentrations in its investment portfolio without materially affecting the bank's capital base; or (2) evidence of further recovery and stabilisation in its profitability; or (3) further significant improvement in its liquidity position.

Factors that may exert negative pressure on Belfius's standalone credit strength include (1) deterioration in its liquidity position that may result from difficulties in accessing stable funding; (2) a significant increase in credit losses stemming from the investment portfolio or the loan book; and/or (3) an inability to generate sufficient profit to further strengthen its capital base.

The bank's senior ratings could be downgraded if (1) Moody's downgrades the BFSR; or (2) Belgian sovereign debt experiences a multi-notch rating downgrade. In addition, a downward revision of Moody's current assumptions of government (systemic) support -- which may arise in the context of the new Bank Recovery and Resolution Directive -- could also have adverse implications for the Baa1 long-term ratings.

LIST OF AFFECTED RATINGS

The following ratings were upgraded with a stable outlook:

- Belfius Bank's BFSR to D+/ba1, from D-/ba3

- Belfius Bank subordinated debt to Ba2 from B1

- Belfius Financing Company's backed subordinated debt to Ba2 from B1

- Belfius Financing Company's backed junior subordinated debt to Ba3 (hyb), from B2 (hyb)

The following ratings were upgraded:

- Belfius Bank's provisional subordinated MTN programme rating to (P)Ba2, from (P)B1

- Belfius Financing Company's backed provisional subordinated MTN programme rating to (P)Ba2, from (P)B1

- Belfius Financing Company's backed provisional junior subordinated MTN programme rating to (P)Ba3, from (P)B2

The following ratings were affirmed with a stable outlook:

- Belfius Bank's senior unsecured debt and deposit ratings, at Baa1

- Belfius Financing Company's backed senior unsecured debt, at Baa1

The following ratings were affirmed:

- Belfius Bank's provisional senior unsecured MTN programme rating, at (P)Baa1

- Belfius Bank's short-term deposit ratings, at Prime-2

- Belfius Bank's long-term Deposit Note/CD Programme rating at (P)Baa1

- Belfius Bank's short-term Deposit Note/CD Programme rating at (P)Prime-2

- Belfius Financing Company's backed provisional senior unsecured MTN programme rating, at (P)Baa1

- Belfius Financing Company's backed commercial paper rating, at Prime-2

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global Banks published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

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.

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.

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 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 for additional regulatory disclosures for each credit rating.

Yasuko Nakamura
Vice President - Senior Analyst
Financial Institutions Group
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Carola Schuler
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's affirms Belfius Bank's senior unsecured rating at Baa1/P-2; outlook stable
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit 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 or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

Moody's Integrity Hotline

Via the Internet: 
https://Moodys.ethicspoint.com
By telephone from the United States: 
Dial 1-866-330-MDYS (1-866-330-6397)
By telephone from outside the United States:  

Dial the AT&T Direct Dial Access® code for your location.

Then, at the prompt, dial 866-330-MDYS (866-330-6397).
HomePesquisa e RatingsProdutos e SoluçõesNotícias e Eventoscarreiras na Moody’s
Ajuda e SuporteContate-nosApresente uma reclamação
Termos de UsoPolítica de PrivacidadeDireitos Autorais
© 2021 Moody's Investors Service, Inc., Moody’s Analytics, Inc. e/ou afiliadas e licenciadas. Todos os direitos reservados.