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I AGREE
Rating Action:

Moody's changes to stable outlook on four Brazilian banks and bank-related entities, and BM&FBovespa; affirms debt and issuer ratings

 The document has been translated in other languages

16 Mar 2017

Action follows the change of the outlook on Brazil's Ba2 sovereign rating to stable

Sao Paulo, March 16, 2017 -- Moody's America Latina (MAL) has today changed the outlooks to stable, from negative, of the local currency debt and/or issuer ratings assigned to Banco BBM S.A., Banco Daycoval S.A., BNDES Participações S.A. - BNDESPAR, Itaúsa -- Investimento Itaú S.A., and BM&FBovespa S.A. At the same time, MAL affirmed all the affected ratings. These actions follow the announcements by Moody's Investors Service that it had changed the outlook on Brazil's Ba2 government bond rating to stable from negative and that it affirmed the baseline credit assessments of several of the affected entities on 15 March 2017 and 16 March 2017 respectively. For additional information, please refer to the related announcements: https://www.moodys.com/research/--PR_362466; https://www.moodys.com/research/--PR_363487

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

The following are the Brazilian entities covered in this press release:

- Banco BBM S.A.

- Banco Daycoval S.A.

- BNDES Participações S.A. - BNDESPAR

- Itaúsa -- Investimento Itaú S.A.

- BM&FBovespa S.A.

RATINGS RATIONALE

These rating actions were prompted by the change in outlook to stable, from negative, on Brazil's bond rating. Sovereign credit quality can directly affect the credit standing of other issuers domiciled within the country, and, more generally, tends to be associated with macroeconomic and financial market trends that affect all domestic issuers. Banks in particular exhibit strong credit interlinkages with their sovereign. As such, the change in Brazil's outlook to stable, from negative, reduced the risk of these financial institutions being downgraded in conjunction with a sovereign downgrade.

Consequently, Moody's changed the outlooks to stable, from negative, and affirmed all ratings whose outlooks were revised, as well as the Brazilian national scale ratings.

The affirmations consider that the credit fundamentals of the affected entities remain sound despite the depth and duration of Brazil's recession. The stable outlooks consider that the underlying fundamentals of the affected issuers are stable and/or the affected ratings continue to be constrained by Brazil's sovereign rating or its country ceilings.

The impact of the recession on Brazil's banking system, and in particular the banks affected by today's action, has been contained. The system-wide non-performing loan ratio remains moderate at 3.7%, up just 90 basis points from January 2015 while loan loss reserves total 6.5% of gross loans. In addition, Brazilian banks continue to post strong earnings notwithstanding mounting credit costs, with return on assets averaging 1.1%, and capitalization has remained stable. Strong liquidity and a largely domestic funding structure reduces the vulnerability of Brazilian banks to unexpected shocks from global markets, and will support the gradual expansion of lending activities.

The recession finally appears to have bottomed out, laying the foundation for a modest recovery as business and consumer confidence improve. Nevertheless, banks will remain cautious in 2017; following a 3.5% contraction in 2016, credit markets are expected to expand by just 2% in the year. The lagging effects of the deep downturn over the past two years and the high level of unemployment will continue to pressure asset quality, but any further deterioration of the system-average problem loan ratio is expected to be limited. At the same time, profitability is expected to improve as declining domestic interest rates reduce funding costs, and credit costs decrease, helping to compensate for still low business volumes.

WHAT COULD CHANGE THE RATING -- DOWN/UP

The affected ratings could face upward pressure if Brazil's government bond rating is upgraded and its country ceilings raised. Upward pressure could also depend upon an improvement in the issuers' credit fundamentals or Brazil's macroeconomic environment. On the other hand, if Brazil's government bond rating again faces downward pressures, the affected ratings would be negatively pressured as well.

The following ratings assigned to Banco BBM S.A. were affirmed:

. Long-term global local-currency senior unsecured debt rating of to Ba1; outlook changed to stable, from negative

. Long-term Brazilian national scale senior unsecured debt rating of Aaa.br

The following ratings assigned to Banco Daycoval S.A. were affirmed:

. Long-term global local-currency senior unsecured debt rating of Ba2; outlook changed to stable, from negative

. Long-term global local-currency senior unsecured MTN rating of (P)Ba2

. Long-term Brazilian national scale senior unsecured debt rating of Aa2.br

. Long-term Brazilian national scale senior unsecured MTN rating of Aa2.br

The following ratings assigned to BM&FBovespa S.A. were affirmed:

.... Long term global local currency senior unsecured debt rating of Ba1; outlook changed to stable, from negative

.... Long term Brazilian national scale debt rating of Aaa.br

The following ratings assigned to BNDES Participações S.A. - BNDESPAR were affirmed:

. Long-term global local-currency issuer rating of Ba2; outlook changed to stable, from negative

. Long-term global local-currency senior unsecured debt rating of Ba2; outlook changed to stable, from negative

.Long-term Brazilian national scale issuer rating of Aa1.br

.Long-term Brazilian national scale senior unsecured debt rating of Aa1.br

The following ratings assigned to Itaúsa -- Investimento Itaú S.A. were affirmed:

. Long-term global local-currency issuer rating of Ba3; outlook changed to stable, from negative

. Long-term Brazilian national scale issuer rating of A1.br

The ratings of CCB Brasil Arrendamento Mercantil S.A. were not affected by this rating action.

METHODOLOGIES USED

The principal methodology used in rating Banco BBM S.A., Banco Daycoval S.A., BNDES Participações S.A. - BNDESPAR and Itaúsa -- Investimento Itaú S.A., was Banks published in January 2016.

The principal methodology used in rating BM&FBovespa S.A. was Securities Industry Service Providers, published in February 2017. Please see the Rating Methodologies page on www.moodys.com.br for a copy 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 May 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings". While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons, please see https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1060333.

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.

Information type used to prepare the rating is the following: debt documentation, public information, Moody's information and regulatory filings.

Sources of Public Information: Moody's considers public information from many third party sources as part of the rating process. These sources may include, but are not limited to, the list available in the link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_193459.

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 go to the report "Ancillary or Other Permissible Services Provided to Entities Rated by Moody's America Latina Ltda." in the link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_194573 for detailed 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 within the 12 months preceding the credit rating action. Please go to the link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_194574 for a list of entities receiving products/services from these related entities and the products/services received.

The date of the last Credit Rating Action for Banco BBM S.A. was 4 November 2016.

The date of the last Credit Rating Action for Banco Daycoval S.A. was 11 October 2016.

The date of the last Credit Rating Action for BNDES Participacoes S.A. - BNDESPAR was 15 January 2017.

The date of the last Credit Rating Action for BM&FBovespa S.A. was 18 November 2016.

The date of the last Credit Rating Action for Itausa - Investimentos Itau S.A. was 11 May 2016.

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 credit rating action on the support provider and in relation to each particular credit 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 credit rating action, and whose ratings may change as a result of this credit 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.

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 Ratings Definitions 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.

Alcir Freitas
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

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

No Related Data.
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