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Rating Action:

Moody's downgrades BNDESPAR's issuer rating to Baa2

 The document has been translated in other languages

20 Mar 2013

Sao Paulo, March 20, 2013 -- Moody's América Latina has downgraded the long-term global local currency issuer rating of BNDES Participações S.A. (BNDESPAR), a wholly-owned subsidiary of Banco Nacional de Desenvolvimento Econômico e Social S.A. (BNDES, Baa2 positive), to Baa2, from A3, and its long-term global local currency senior unsecured debt rating to Baa2, from A3. Moody's also affirmed BNDESPAR's long-term Brazilian national scale issuer and senior unsecured debt ratings of Aaa.br. The outlook on all ratings is positive, in line with the positive outlook on BNDES, which, in turn, is in line with the positive outlook on Brazil's government bond rating.

The following ratings were downgraded:

- Long-term Global Local Currency Issuer Rating: to Baa2 from A3, with positive outlook

- Long-term Global Local Currency Senior Unsecured Debt Rating assigned to MTN Program: to (P)Baa2 from (P)A3, with positive outlook

- Long-term Global Local Currency Senior Unsecured Debt Rating assigned to outstanding debentures: to Baa2 from A3, with positive outlook

The following ratings were affirmed:

- Long-term Brazilian National Scale Issuer Rating: Aaa.br, with stable outlook

- Long-term Brazilian National Scale Senior Unsecured Debt Rating assigned to MTN Program: Aaa.br, with stable outlook

- Long-term Brazilian National Scale Senior Unsecured Debt Rating assigned to outstanding debentures: Aaa.br, with stable outlook

RATINGS RATIONALE

Moody's said the downgrade of BNDESPAR's ratings are a direct consequence of the downgrade of the standalone and supported ratings of its 100% shareholder, BNDES, to ba1 from baa2, and to Baa2 from A3, respectively.

For a detailed consideration of Moody's action on BNDES' ratings, please refer to the press release dated March 20, 2013 "Moody's downgrades BNDES' and Caixa's senior ratings to Baa2; lowers standalone credit assessment by two notches".

BNDESPAR's main role is to support the Brazilian capital markets through minority and temporary equity investments in the corporate sector, as well as investments in fixed income instruments. The agency's investment portfolio has important holdings of domestic corporations including Petrobrás, Vale, and Eletrobrás. In 2012, BNDESPAR's investments were affected by the poor performance of the domestic equity markets, as a reported 12.5% drop in the value of equity investments contributed to a 93% decline in the company's net income. Such performance also translated into additional volatility to BNDES's results, weighing in to the 9.55% annual decline in the bank's net income.

The last rating action on BNDESPAR was on March 8, 2012, when Moody's affirmed all ratings of the issuer.

The principal methodology used in BNDESPAR's rating was "Government-Related Issuers: Methodology Update" published in July 22, 2010. Please see the Credit Policy page on www.moodys.com.br for a copy of this methodology.

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 Methodology published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

BNDESPAR is headquartered in Rio de Janeiro, Brazil, and had total assets of R$98.6 billion (US$44.7 billion) and total equity of R$79.1 billion (US$35.8 billion) as of December 31, 2012.

REGULATORY DISCLOSURES

Information sources used to prepare the rating are the following: parties involved in the ratings, parties not involved in the ratings, and public 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 Mood'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.

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.

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.

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.

Alexandre Albuquerque
Asst Vice President - Analyst
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 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 downgrades BNDESPAR's issuer rating to Baa2
No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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