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Rating Action:

Moody's changes to negative outlook on Brazilian bank ratings; affirms deposit and debt ratings

 The document has been translated in other languages

09 Sep 2014

NOTE: On September 10, 2014, the press release was revised as follows: In the fourth paragraph, a link was inadvertently included to rating actions taken on 3 October 2013. The link to the List of Affected Credit Ratings has been corrected to the following: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_175305. Revised release follows.

New York, September 09, 2014 -- Moody's Investors Service has today changed to negative, from stable, the outlook on the standalone bank financial strength ratings of five Brazilian banks. Moody's also changed to negative, from stable, the outlook on the long-term global local currency deposit and issuer ratings of thirteen financial institutions. In addition, Moody's changed to negative, from stable, the outlook on the long-term global foreign currency deposit, senior and subordinated debt ratings of fourteen financial institutions and their respective foreign branches. At the same time, all ratings are being affirmed.

These rating actions follow the change in outlook to negative, from stable, on Brazil's government bond ratings. Please refer to the press release "Moody's changes outlook of Brazil's rating to negative from stable; affirms Baa2 government bond rating" dated 9 September 2014.

All Brazilian national scale issuer and debt ratings assigned to these issuers are affirmed, and respective outlooks remain stable.

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_175305 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

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

RATINGS RATIONALE

The change in outlook to negative, from stable, on Brazilian banks' standalone bank financial strength ratings, on the long-term global local and foreign currency deposit and issuer ratings, and long-term foreign currency debt ratings, follows the change in outlook on Brazil's Baa2 sovereign rating. The bank ratings are constrained by the sovereign rating, and therefore, a change in outlook on the Baa2 government bond rating also affects the outlook on these banks' standalone, debt and deposit ratings.

The main drivers of the outlook change on the sovereign rating include a) a sustained reduction in Brazil's economic growth, which shows little sign of a return to potential in the near term; b) a marked deterioration in investor sentiment which has negatively impacted fixed capital formation in Brazil; and c) the fiscal challenges these economic headwinds pose, impeding the reversal of the upward trend in government debt indicators. At the same time, the country's continued resilience to external financial shocks given its international reserve buffers; the government balance sheet's limited vulnerability to sudden changes in global risk appetite compared with its peers; and the underlying credit benefits derived from Brazil's large and diversified economy continue to support Brazil's government bond rating at its current Baa2 level.

The following Brazilian banks' STANDALONE FINANCIAL STRENGTH RATINGS were affirmed and had the outlook changed to negative, from stable:

- Banco Santander (Brasil) S.A.

- HSBC Bank Brasil -- Banco Múltiplo S.A.

- Banco Safra S.A.

- Banco Citibank S.A.

- Banco Alfa de Investimento S.A.

The following financial institutions' LONG-TERM GLOBAL LOCAL CURRENCY DEPOSITS and ISSUER RATINGS were affirmed and had the outlook changed to negative, from stable:

- Banco Bradesco S.A.

- Itaú Unibanco S.A.

- Banco Itau BBA S.A.

- Itaú Unibanco Holding S.A.

- Banco do Brasil S.A.

- Banco Votorantim S.A.

- Caixa Economica Federal

- BNDES -- Banco Nac. Desenvolv. Economico e Social S.A.

- Banco Santander (Brasil) S.A.

- HSBC Bank Brasil -- Banco Múltiplo S.A.

- Banco Safra S.A.

- BM&FBovespa S.A.

- Banco Alfa de Investimento S.A.

The following financial institutions' LONG-TERM GLOBAL FOREIGN CURRENCY DEPOSITS, SENIOR and/or SUBORDINATED DEBT RATINGS were affirmed and had the outlook changed to negative, from stable:

- Banco Bradesco S.A.

- Banco Bradesco S.A. -- Cayman Branch

- Itaú Unibanco S.A.

- Itaú Unibanco S.A. -- Cayman Branch

- Banco Itau BBA S.A.

- Banco Itau BBA S.A. -- Nassau Branch

- Itaú Unibanco Holding S.A.

- Itaú Unibanco Holding S.A. -- Cayman Branch

- Banco do Brasil S.A.

- Banco do Brasil S.A. -- Cayman Branch

- Banco Votorantim S.A.

- Banco Votorantim S.A. -- Nassau Branch

- Banco Nacional de Desenvolvimento Econômico e Social -- BNDES

- Caixa Econômica Federal

- HSBC Bank Brasil -- Banco Multiplo S.A.

- Banco Santander (Brasil) S.A.

- Banco Santander (Brasil) S.A. -- Cayman Branch

- Banco Safra S.A.

- Banco Safra S.A. -- Cayman Branch

- Banco Citibank S.A.

- Banco Alfa de Investimento S.A.

- ING Bank N.V. -- São Paulo Branch

INSURANCE SUBSIDIARIES RATINGS AFFIRMED; OUTLOOK ON GLOBAL RATINGS CHANGED TO NEGATIVE FROM STABLE

Moody's affirmed Itaú Seguros' and Itaú Vida e Previdência's global local currency (GLC) insurance financial strength (IFS) ratings at Baa1 but changed the outlook for the Baa1 GLC ratings to negative from stable. The rating agency has also affirmed the companies' Aaa.br IFS ratings on the Brazilian national scale.

The rating actions of the insurance subsidiaries are driven by the change in the outlooks to negative from stable of Itaú Unibanco S.A. and Itaú Unibanco Holding S.A. (the insurers' ultimate parent companies), as well as the change in outlook to negative from stable of the Brazilian Baa2 sovereign debt rating.

According to Moody's, Itaú Seguros' Baa1 GLC IFS rating -- which benefits from one notch of uplift from its stand-alone credit profile -- reflects the company's well-recognized brand, good product risk, solid capitalization, as well as its close integration/oversight by the parent bank. Itaú Vida e Previdência's Baa1 GLC IFS rating -- which also is 1 notch higher than its stand-alone credit profile -- reflects its significant product/distribution integration and brand sharing with its banking affiliates, as well as its strong profitability and liquidity.

The shift to a negative outlook from stable for both insurers primarily reflects the shift to a negative outlook at the parent bank, as well as the negative outlook on the sovereign rating.

Given the negative outlook for Itaú Seguros' and Itaú Vida e Previdencia's ratings, an upgrade is unlikely, but a combination of the following factors could lead to a restoration of a stable outlook: 1) a return to stable outlook for Brazil's government bond rating and Itau Unibanco's and Itau Holding's ratings, or significant improvement in the country's insurance operating environment. Conversely, the companies' ratings could be downgraded should one or more of the following take place: 1) downgrade of Itau Unibanco's and Itau Holding's ratings and/or Brazil's government bond rating; 2) deterioration in the country's operating environment; 3) divestiture or reduced parental support; 4) deterioration in earnings; 5) gross underwriting leverage increasing to above 4x shareholders' equity (for Itaú Seguros) and 6) decline in overall shareholders' equity relative to total assets to under 8% (for Itaú Vida e Previdência).

The affirmation of the insurers' Aaa.br national scale IFS ratings reflects the fact that their Baa1 GLC IFS ratings continue to map exclusively to the Aaa.br rating on the national scale.

METHODOLOGY USED & LAST RATING ACTIONS

The principal methodology used in rating Banco Bradesco S.A., Banco Bradesco S.A. Grand Cayman Branch, Itau Unibanco S.A., Itau Unibanco (Cayman Islands), Banco Itau BBA S.A., Banco Itau BBA (Nassau Branch), Itau Unibanco Holding S.A., Itau Unibanco Holding S.A. (Cayman Islands), Banco Santander (Brasil) S.A., Banco Santander (Brasil) S.A. - Cayman Br, HSBC Bank Brasil S.A. - Banco Multiplo, Banco do Brasil S.A., Banco do Brasil S.A. (Cayman), Caixa Economica Federal, Banco Safra S.A., Banco Safra S.A. (Cayman Branch), Banco Citibank, Banco Alfa de Investimento S.A., Banco Votorantim S.A., Banco Votorantim S.A. (Nassau Branch) and ING Bank - Sao Paulo was Global Banks published in July 2014. The principal methodology used in rating Banco Nacional de Desenvolvimento Econômico e Social -- BNDES was Government-Related Issuers: Methodology Update published in July 2010. The principal methodology used in rating BM&FBovespa was Global Securities Industry Methodology published in May 2013. The methdologies used in rating Itau Seguros S.A. and Itaú Vida e Previdência S.A. were Global Property and Casualty Insurers published in August 2014 and Global Life Insurers published in August 2014. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's National Scale 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 ratings in that they are not globally comparable to 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 ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance June 2014 "Mapping Moody's National Scale Ratings to Global Scale Ratings."

LAST RATING ACTIONS

The last rating action on Banco Bradesco S.A. was on 3 October 2013 when Moody's changed the outlook to stable, from positive, on the bank's standalone bank financial strength (BFSR), and also on the local and foreign currency deposit ratings, as well as on the debt ratings. All ratings remained unchanged.

The last rating action on Itau Unibanco Holding S.A. was on 31 January 2014, when Moody's affirmed all ratings assigned to Itaú Unibanco Holding S.A. (IUH), following the 29 January 2014 announcement of the agreement to merge Chilean bank CorpBanca and Banco Itaú Chile S.A.. All ratings remained unchanged, with a stable outlook.

The last rating action on Itaú Unibanco S.A. was on 31 January 2014 when Moody's affirmed all ratings assigned to the bank, following the 29 January 2014 announcement of the agreement to merge Chilean bank CorpBanca and Banco Itaú Chile S.A.. All ratings remained unchanged with stable outlook.

The last rating action on Banco Itaú BBA S.A. was on 31 January 2014 when Moody's affirmed all ratings assigned to the bank, following the 29 January 2014 announcement of the agreement to merge Chilean bank CorpBanca and Banco Itaú Chile S.A.. All ratings remained unchanged with stable outlook.

The last rating action on Banco do Brasil S.A. was on 3 October 2013 when Moody's revised the outlook on Banco do Brasil's standalone C- BFSR to negative from stable. At the same time, Moody's changed the outlook to stable, from positive, on the long-term global local and foreign currency deposit ratings, as well as on all debt ratings. The national scale deposit ratings remained unchanged.

The last rating action on Banco do Brasil S.A. -- Cayman Branch was on 17 July 2014 when Moody's upgraded the rating assigned to BB's Additional Tier 1 non-viability contingent capital securities to Ba2(hyb), from Ba3(hyb); following the publication of its updated Global Banks Rating Methodology on July 16, 2014. The rating remained with stable outlook.

The last rating action on Banco Votorantim S.A. was on 24 March 2014, when Moody's confirmed all ratings assigned to Banco Votorantim, including the bank's D+ unsupported bank financial strength, which maps to a standalone baseline credit assessment (BCA) of baa3 in the global rating scale. The supported local and foreign currency deposit ratings were also confirmed at Baa2 and Prime-2, for long and short-term, respectively, as well as the foreign currency senior unsecured and subordinated debt ratings of Baa2 and Baa3 assigned to the outstanding notes issued through Banco Votorantim S.A. and through Banco Votorantim S.A. Nassau Branch. The outlook for all these ratings is stable. This action concluded the review for downgrade initiated on October 3, 2013. The Aaa.br/BR-1 Brazilian national scale deposit ratings were not affected by today's actions.

The last rating action on BNDES was on 03 October 2013 when Moody's changed the outlook on the supported global local currency issuer rating to stable, from positive, in line with the outlook change of the sovereign rating. The outlook on the long-term senior unsecured debt ratings was also changed to stable from positive. All other ratings remained unchanged.

The last rating action on Banco Santander (Brasil) S.A. was on 4 October 2013 when Moody's affirmed all ratings for Banco Santander (Brasil) S.A., including the standalone bank financial strength rating (BFSR) of C-, which maps to a baseline credit assessment (BCA) of baa2, and the global local and foreign-currency deposit ratings of Baa2, as well as the foreign-currency senior unsecured debt rating of Baa2. The short-term ratings and the national scale deposit ratings were also affirmed. In addition, all debt ratings for Banco Santander (Brasil) S.A. Cayman Branch were affirmed, with stable outlooks.

The last rating action on Banco Safra S.A. was on 03 October 2013 when Moody's changed the outlook on the supported long-term global local and foreign currency deposit ratings to stable, from positive, in line with the outlook change of the sovereign rating. The outlook on the long-term senior unsecured debt rating was also changed to stable from positive. All other ratings remained unchanged.

The last rating action on HSBC Bank Brasil Banco Multiplo S.A. was on 03 October 2013 when Moody's changed the outlook on the supported long-term global local and foreign currency deposit ratings to stable, from positive, in line with the outlook change of the sovereign rating. The outlook on the long-term senior unsecured debt rating was also changed to stable from positive. All other ratings remained unchanged.

The last rating action on Caixa Economica Federal was on 08 July 2014, when Moody's assigned a Ba3 (hyb) rating to the $500 million 2014 non-viability Tier 2 subordinated notes issued by Caixa. Other ratings remained unchanged.

The last rating action on Banco Citibank S.A. (Citibank Brazil) was on 29 May 2013, when Moody's affirmed all ratings, including the unsupported bank financial strength rating of C-, the long and short-term foreign currency deposit ratings of Baa2 and Prime-2, respectively. The outlook on all ratings remained stable.

The last rating action on Banco Alfa de Invesitmento S.A. was on 28 May 2013, when Moody's affirmed the all ratings, including its bank financial strength (BFSR) of D+, the long and short-term global local and foreign currency deposit and debt ratings of Baa3 and Prime-3, and the long-term and short-term Brazilian national scale deposit ratings of Aaa.br and BR-1, respectively. All ratings had a stable outlook.

The last rating action on BM&FBovespa S.A. was on 15 April 2014, when Moody's downgraded its long-term local currency issuer rating to Baa1 from A3. At the same time, Moody's also affirmed the senior unsecured foreign currency debt rating of Baa1 and the long-term Brazilian national scale rating of Aaa.br. The outlook on all ratings remained stable.

The last rating action on ING Bank N.V. -- São Paulo Branch was on 27 June 2012, when Moody's downgraded the long-term global local currency deposit rating to A2, from A1, as a result of the downgrade of its parent bank, ING Bank N.V. of the Netherlands. The outlook on this ratings remained negative in line with the outlook of ING Bank N.V.'s long-term deposit rating.

The last rating action on Itaú Seguros and Itaú Vida e Previdência was on 3 October 2013, when Moody's changed th outlook to stable, from positive, on the long-term global local currency insurance financial strength scale ratings assigned to Itaú Seguros´ and Itau Vida e Previdência . The national scale ratings remained unchanged.

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.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, 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 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.

Ceres Zanardo Lisboa
VP - Senior Credit Officer
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

Maria Celina Vansetti-Hutchins
MD - Banking
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's changes to negative outlook on Brazilian bank ratings; affirms deposit and debt ratings
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