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Rating Action:

Moody's concludes review of four Diversified Payment Right programs sponsored by Brazilian banks

28 Jun 2012

NOTE: On August 13, 2012, the press release was revised as follows: In the list of rating actions for Issuer (Program) International Diversified Payment Rights Company, details for Series 2004-1 and Series 2007-1 were corrected. In the list of rating actions for Issuer (Program) HSBC Brazil DPR Finance (No. 1) Limited, details for Series 2006-A were corrected. Revised release follows.

Sao Paulo, June 28, 2012 -- Moody's Investors Service concluded today the review of twelve notes issued by four separate Diversified Payment Rights programs (DPRs) sponsored by four Brazilian banking groups. The ratings had been placed on review for possible downgrade on March 1, 2012. Moody's downgraded ratings of ten notes and affirmed ratings of two notes, as follows:

SPONSOR: Banco Santander (Brasil) S.A. (BFSR: C- ; LT Domestic Bank Deposits: Baa1 global scale)

Issuer (Program): Brazil Foreign Diversified Payment Rights Finance Company

- Series 2008-1: global foreign currency rating downgraded to Baa1 from A2

- Series 2008-2: global foreign currency rating downgraded to Baa1 from A2

SPONSOR: HSBC Bank Brasil S.A. - Banco Multiplo (BFSR: C- ; LT Domestic Bank Deposits: A1 global scale)

Issuer (Program): HSBC Brazil DPR Finance (No. 1) Limited

- Series 2006-A: A1 global foreign currency rating confirmed; the underlying rating A1 confirmed

SPONSOR: Banco Bradesco S.A. (BFSR: C- ; LT Domestic Bank Deposits: A3 global scale)

Issuer (Program): International Diversified Payment Rights Company

- Series 2004-1: global foreign currency rating downgraded to A3 from A1; the underlying rating downgraded to A3 from A1

- Series 2007-1: global foreign currency rating downgraded to A3 from A1; the underlying rating downgraded to A3 from A1

- Series 2007-2: global foreign currency rating downgraded to A3 from A1

- Series 2007-4: global foreign currency rating downgraded to A3 from A1

- Series 2010-1: global foreign currency rating downgraded to A3 from A1

SPONSOR: Banco do Brasil S.A. (BFSR: C- ; LT Domestic Bank Deposits: A3 global scale)

Issuer (Program): Dollar Diversified Payment Finance Company

- Series 2003-2: global foreign currency rating downgraded to A3 from A2

- Series 2008-1: global foreign currency rating remains at Aa3 on review for downgrade given outstanding insurance provided by Assured Guaranty Corp (Aa3 Insurance Financial Strength, on review for possible downgrade). The underlying rating or shadow rating is downgraded to A3 from A2.

- Series 2008-2: global foreign currency rating downgraded to A3 from A2

- Series 2008-3: global foreign currency rating downgraded to A3 from A2

RATINGS RATIONALE

The conclusion of the review of DPRs follows the conclusion of the review of the respective sponsoring Brazilian banking groups finalized on June 27, 2012. Please refer to the press release titled "Moody's concludes review for downgrade on Brazilian financial institutions".

Under Moody's approach to rating future flow transactions backed by Diversified Payment Rights (DPRs), the local currency rating of the originator generally acts as a cap on the ratings assigned to the issued notes, thereby prompting today's rating actions.

As a result, any rating movement of the global local currency deposit rating of the sponsoring bank has a direct impact on the maximum rating achievable by a DPR transaction.

Moody's notes that all four DPR programs are performing according to expectations. As of May 2012, quarterly debt service coverage ratios (DSCR) were as follows:

Brazil Foreign Diversified Payment Rights Finance Company (Banco Santander as sponsor): 60 times

HSBC Brazil DPR Finance (No. 1) Limited (HSBC Bank Brasil as sponsor): 1050 times

International Diversified Payment Rights Company (Banco Bradesco as sponsor): 108 times

Dollar Diversified Payment Finance Company (Banco do Brasil as sponsor): 284 times

The principal methodology used in these ratings was "Moody's Approach to Rating Diversified Payment Rights Securitisations" published in March 2009. 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 relevant 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 relevant 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 relevant 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.

Information sources used to prepare these ratings are the following: parties involved in the ratings, and public information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings 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.

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

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

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

Please see ratings tab on the issuer/entity page on www.moodys.com 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 for further information.

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.

Johann Grieneisen
Vice President - Senior Analyst
Structured Finance 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 Muller
Senior Vice President
Structured Finance 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 concludes review of four Diversified Payment Right programs sponsored by Brazilian banks
No Related Data.
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