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Rating Action:

Moody's downgrades multiple Brazilian banks, one bank holding company and BM&FBovespa; outlook negative

 The document has been translated in other languages

25 Feb 2016

New York, February 25, 2016 -- Moody's Investors Service has today downgraded ratings assigned to 29 Brazilian banks and their respective offshore branches, Itau Unibanco Holding S.A. and the Brazilian stock and future exchange BM&F Bovespa S.A. These actions follow Moody's downgrade of Brazil's government bond rating to Ba2, from Baa3, on 24 February 2016, and the resulting changes in the country's debt and deposit ceilings. The outlook on the sovereign rating is negative. For additional information, please refer to the related announcement: https://www.moodys.com/research/Moodys-downgrades-Brazils-issuer-and-bond-ratings-to-Ba2-with--PR_342928

This rating action concludes the reviews initiated on 10 December 2015.

Specifically, Moody's downgraded those banks' baseline credit assessments (BCAs) and bank deposit and debt ratings that were either constrained by Brazil's sovereign bond rating or were capped by the country ceilings. Except for certain local currency deposit ratings that are higher than the sovereign ceiling for deposits in local currency due to support from foreign affiliates, the outlook of these ratings is now negative, in line with the outlook on the sovereign rating.

At the same time, Moody's changed Brazil's Macro Profile to Moderate from Moderate+, reflecting the country's deteriorating operating environment and the increased risks this represents for its banks. Consequently, Moody's lowered the BCAs and local and foreign currency debt and/or deposit ratings of three additional banks, the ratings of which were not constrained by the sovereign, but whose outlooks had previously been negative. Lastly, Moody's affirmed the BCAs, adjusted BCAs, and/or local and foreign currency debt and deposit ratings of several banks.

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_187886 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

(1) 31 BANKING ENTITIES' BCAS AND/OR DEPOSIT RATINGS WERE DONWGRADED FOLLOWING THE DOWNGRADE OF BRAZIL'S GOVERNMENT BOND RATING AND COUNTRY CEILINGS

These rating actions on Brazilian banks were prompted by the downgrade of Brazil's bond rating and the lowering of the country ceilings for debt and deposits. Specifically, Brazil's local currency debt and deposit ceiling was lowered to A3 from A1, and its foreign currency bond and deposit ceilings were lowered to Ba1 and Ba3, from Baa2 and Baa3, respectively.

Consequently, Moody's downgraded 29 entities' foreign currency deposit ratings to Ba3, in line with the new foreign currency deposit ceiling, and 18 entities' local currency deposit and/or issuer ratings to Ba2. In addition, 14 banks' standalone BCAs were downgraded to ba2. The affected local currency deposit and issuer ratings and BCAs were constrained by the sovereign rating because of their issuers' close economic linkages to the government.

WHAT COULD CHANGE THE RATING - DOWN

The negative outlooks on the long-term debt and deposit ratings of these institutions reflect the negative outlook on the sovereign. These ratings, which remain constrained by the sovereign and/or the country ceilings, will likely be downgraded further if Brazil's sovereign rating and its country ceilings are lowered again.

The bank's ratings may also face downward pressure if Brazil's very challenging operating environment results in a deterioration of their financial fundamentals, particularly profitability, asset quality, and capitalization.

Those ratings with stable outlooks are less exposed to a downgrade of the sovereign; they could face downward pressure if their foreign affiliates' ratings were to be downgraded, but that is not currently anticipated, because parent bank's ratings have stable outlook.

ENTITIES AFFECTED

1. Banco ABC Brasil S.A.

2. Banco Alfa de Investimento S.A.

3. Banco BBM S.A.

4. Banco Bradesco S.A. and Banco Bradesco S.A. Cayman Branch

5. Banco BTG Pactual S.A.

6. Banco Cetelem S.A.

7. Banco Citibank S.A.

8. Banco Cooperativo Sicredi S.A.

9. Banco Daycoval S.A.

10. Banco do Brasil S.A. and Banco Do Brasil S.A. Cayman Branch

11. Banco do Nordeste do Brasil S.A.

12. Banco do Estado do Rio Grande do Sul S.A.

13. Banco do Estado de Sergipe S.A.

14. Banco do Estado do Para S.A.

15. Banco Ford S.A.

16. Banco GMAC S.A.

17. Banco Industrial do Brasil S.A.

18. Banco Sofisa S.A.

19. BNDES - Banco de Desenvolvimento Economico e Social

20. Banco Mizuho do Brasil S.A.

21. Banco PSA Finance Brasil S.A.

22. Banco Safra S.A. and Banco Safra S.A. Cayman Branch

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

24. Banco Votorantim S.A. and Banco Votorantim S.A. Nassau Branch

25. BM&FBovespa S.A.

26. Caixa Economica Federal (CAIXA)

27. China Construction Bank (Brasil) S.A. and China Construction Bank (Brasil) S.A., Cayman

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

29. ING Bank N.V. - São Paulo Branch

30. Itau Unibanco Holding S.A. and Itau Unibanco Holding S.A. Cayman Branch

31. Itau Unibanco S.A. and Itau Unibanco S.A. Cayman Branch

(2) BRAZIL MACRO PROFILE CHANGES TO MODERATE AS A RESULT OF THE WEAKENING OF THE BRAZILIAN GOVERNMENT'S CREDIT PROFILE

Moody's downgrade of the Brazilian government's rating reflects in part an ongoing deterioration in the country's macroeconomic environment that increases risks for the banking system. Moody's has lowered its assessment of Brazil's macro profile by one notch to Moderate, from Moderate+. The reduction of Brazil's economic and institutional strength considers the country's deep and continuing recession, persistently high inflation, and thorny political dynamics which make it difficult for the government to address these other challenges.

Brazil's Moderate macro profile considers the following scores:

1. Economic strength at Moderate+ reflecting Brazil's large and highly diversified economy, offset by Moody's expectation that the country's deep recession will continue over the next 12 months

2. Institutional strength at Moderate, reflecting the country's persistently high rate of inflation that reveals the limited effectiveness of monetary policy.

3. Susceptibility to event risk at Low+ considers Brazil's lack of political consensus , which have led to worsening governability and are not expected to improve in 2016. At the same time, International reserve buffers continue to provide ample cover against external financial shocks.

4. Credit and funding conditions remained unchanged with no adjustment, reflecting the moderation in loan growth that occurred in 2015 and is expected to continue this year, coupled with limited reliance on overseas funding and adequate domestic liquidity.

5. Industry structure also remains with a one-notch negative adjustment, taking into account the dominant presence of public banks, which accounted for roughly 52% of total credit in 2015 and which still continue to expand more rapidly than their private sector peers.

(3) 3 BANKS' BCAS AND DEPOSIT RATINGS WERE AFFECTED BY THE CHANGE IN BRAZIL'S MACRO PROFILE TO MODERATE

The change in Brazil's macro profile reflects increasing pressures on asset quality and profitability facing Brazilian banks. For banks whose ratings were not constrained by the sovereign, higher levels of capital and liquidity are often necessary to offset their increasing vulnerability to these risks and to continue to support the same ratings as these banks had in the past. Consequently, Moody's has lowered the ratings for three of these entities, each of which previously had a negative outlook. For the remaining Brazilian banks, including both those whose ratings have been affirmed and those that are unaffected by the current action, the current ratings already anticipate the impact of worsening operating conditions.

BANKS AFFECTED

BANCO VOTORANTIM S.A.

The downgrade of Banco Votorantim S.A.'s (BV) baseline credit assessment (BCA) to ba3 from ba2 reflects heightened pressures on its capital and asset quality arising from Brazil's weaker macro environment. With the bank's large portfolio of used car loans vulnerable to rising unemployment, asset quality is no longer likely to recover as previously expected. In addition, the banks is exposed to losses from its large corporate clients. The current operating environment will also make it more difficult for the bank to maintain recent improvements to profitability, therefore limiting its capacity to enhance its very weak adjusted capitalization.

The downgrade of BV's local currency deposit and senior debt ratings to Ba2 from Ba1 consider it lower BCA and also the downgrade of its majority owner Banco do Brasil S.A.'s BCA to ba2 from ba1. BV's deposit and senior debt ratings incorporate a one notch of affiliate support uplift, to reflect Moody's view of the high likelihood of support from Banco do Brasil. The foreign currency deposit ratings was downgraded to Ba3, from Ba1, in line with the downgrade of the ceiling for foreign currency deposits. The negative outlook on BV's ratings reflects the negative outlook on its parent.

WHAT COULD MOVE THE RATINGS DOWN

BV's ratings would face downward pressure if Banco do Brasil were to be further downgraded. In addition, a deterioration of BV's financial fundamentals, reflected in a downgrade of its BCA, could drive another downgrade of its rating. Although BV's BCA is not currently facing further downward pressure, it could be downgraded if the bank experiences higher-than-expected deterioration of its asset quality and profitability.

BRB -- BANCO DE BRASILIA .S.A

The downgrade of BRB-Banco de Brasilia S.A.'s (BRB) deposit rating to B1 from Ba3 and a similar change to its BCA reflect rising risks to BRB's profitability and asset quality, particularly with regards to the bank's exposures to unsecured consumer loans and to small and medium sized companies in the Federal District area. In this context, the bank's adjusted capitalization ratio is no longer sufficient to support its previous rating. At the same time, BRB's b1 BCA reflects its adequate liquid resources and strong funding profile, evidenced by a granular deposit base and very low reliance on market funds.

WHAT COULD MOVE THE RATINGS DOWN

A sharp deterioration in asset quality and/or a further decline in profitability or capital would likely lead to a further downgrade on the ratings.

BANCO PINE S.A.

The downgrade of Banco Pine's deposit ratings to B1 from Ba3, and the corresponding action on its baseline credit assessment (BCA), similarly reflects the increasing risks represented by Brazil's deteriorating operating environment to Banco Pine's financial fundamentals and asset quality. Banco Pine exhibits large concentrations of loans relative to equity in economic sectors that face higher risk of financial deterioration in the current environment, such as sugar and ethanol, and real estate. In turn, the need to increase provisions for loan losses as economic activity continues to decelerate could put further pressure on the bank's profitability.

WHAT COULD MOVE THE RATINGS DOWN

Further downward pressure on ratings could arise from rising delinquencies among the bank's large single borrowers, given the bank's high loan concentration, particularly if this negatively affects the bank's profitability and/or capital position.

(4) POTENTIAL MAPPING RECALIBRATION FROM GLOBAL SCALE TO NATIONAL SCALE RATINGS

With the recent downgrade of the government of Brazil on the global rating scale and other issuers whose risk profiles are affected by related credit considerations, the distribution of national scale ratings (NSRs) among issuers in Brazil has become compressed, particularly at the Aa2.br level. As a result, the current mapping of global scale ratings to national scale ratings may no longer be adequately serving one of its intended purposes, which is to provide greater credit differentiation among issuers in Brazil than is possible on the global rating scale. However, if Moody's NSR methodology is revised as proposed in the Request for Comment (RFC) entitled "Mapping National Scale Ratings from Global Scale Ratings" published on January 20, the resulting new Brazilian scale would likely imply that many Brazil global scale ratings would be remapped to higher ratings on the national scale.

While the RFC included a new proposed national scale map for Brazil, given the aforementioned ratings changes, the new map design for Brazil will likely differ from the specific map proposal included in the RFC. In addition to the proposed Brazilian map, the RFC comprised a proposed update to our methodology for mapping national scale ratings from global scale ratings, including guidelines for the design of new national scale maps and changes to existing maps, as well as proposed new national scale maps for each of the other countries in which we currently offer NSRs. The comment period for this RFC closed on 22 February.

METHODOLOGIES USED

The principal methodology used in rating Banco ABC Brasil S.A., Banco Alfa de Investimento S.A., Banco BBM S.A., Banco Bradesco S.A., Banco Bradesco S.A., Grand Cayman Branch, Banco BTG Pactual S.A., Banco Cetelem S.A., Banco Citibank S.A., Banco Cooperativo Sicredi S.A. Banco Daycoval S.A., Banco do Brasil S.A., Banco Do Brasil S.A. (Cayman), Banco do Estado de Sergipe S.A., Banco do Estado do Para S.A., Banco do Estado do Rio Grande do Sul S.A., Banco do Nordeste do Brasil S.A., Banco Ford S.A., Banco GMAC S.A., Banco Industrial do Brasil S.A., Banco Mizuho do Brasil S.A., Banco Pine S.A., Banco Psa Finance Brasil S.A., Banco Safra S.A., Banco Safra S.A. (Cayman Branch), Banco Santander (Brasil) S.A., Banco Santander (Brasil) S.A. - Cayman Br, Banco Sofisa S.A., Banco Votorantim S.A., Banco Votorantim S.A. (Nassau Branch), BRB-Banco de Brasilia S.A., Caixa Economica Federal (CAIXA), China Construction Bank (Brasil) S.A., China Construction Bank (Brasil) S.A., Cayman, HSBC Bank Brasil S.A. - Banco Multiplo, ING Bank N.V. - Sao Paulo, Itau Unibanco Holding S.A., Itau Unibanco Holding S.A. (Cayman Islands), Itau Unibanco S.A., Itau Unibanco S.A. (Cayman Islands), was Banks published in January 2016.

The principal methodology used in rating Banco Nac. Desenv. Economico e Social -- BNDES was Government-Related Issuers published in October 2014.

The principal methodology used in rating BM&FBovespa S.A. was Global Securities Industry Methodology published in May 2013. Please see the Ratings Methodologies page on www.moodys.com for a copy of thse 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 June 2014 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

LAST RATING ACTIONS

The last rating action on Banco ABC Brasil S.A. was on 10 December 2015, when Moody's placed on review for downgrade the baseline credit assessment; the local and foreign currency deposit ratings; the local and foreign currency debt ratings, including the foreign currency senior subordinate debt rating; the national scale ratings; and the counterparty risk assessment assigned to the bank. The action followed the announcement of the review for downgrade on Brazil's government bond rating of Baa3.

The last rating action on Banco Alfa de Investimento S.A. was on 10 December 2015, when Moody's placed on review for downgrade the baseline credit assessment; the local and foreign currency deposit ratings; the national scale ratings; and the counterparty risk assessment assigned to the bank. The action followed the announcement of the review for downgrade on Brazil's government bond rating of Baa3.

The last rating action on Banco BBM S.A. was on 10 December 2015, when Moody's placed on review for downgrade the baseline credit assessment; the local and foreign currency deposit ratings; the national scale ratings; and the counterparty risk assessment assigned to the bank. The action followed the announcement of the review for downgrade on Brazil's government bond rating of Baa3.

The last rating action on Banco Bradesco S.A. was on 10 December 2015, when Moody's placed on review for downgrade the baseline credit assessment; the local and foreign currency deposit ratings; the foreign currency debt rating; the national scale ratings; and the counterparty risk assessment assigned to the bank. The action followed the announcement of the review for downgrade on Brazil's government bond rating of Baa3. At the same time, Moody's also placed on review for downgrade the debt ratings and the counterparty risk assessments assigned to Banco Bradesco S.A., Cayman Branch.

The last rating action on Banco BTG Pactual S.A. was on 1 December 2015 when Moody's downgraded its baseline credit assessment (BCA) to ba2 from baa3, and its ratings, including the long-term global local- and foreign-currency deposit ratings to Ba2 from Baa3; the short-term global local- and foreign-currency deposit ratings to Not Prime from Prime-3; the senior unsecured MTN program (foreign currency) rating to (P)Ba2 from(P)Baa3; and the long-term Brazilian national scale deposit rating to A1.br from Aa1.br. At the same time, Moody's downgraded the ratings assigned to Banco BTG Pactual S.A., Grand Cayman and Luxembourg branches including the foreign currency senior unsecured debt ratings to Ba2 from Baa3; the foreign currency subordinate debt rating to Ba3 from Ba1; and the foreign currency preferred stock non-cumulative debt rating to B2(hyb) from Ba3(hyb). The ratings of the bank and its branches were placed on review for downgrade on 25 November 2015, and remained on review for potential further downgrade.

The last rating action on Banco Cetelem S.A. was on 22 March 2012, when Moody's affirmed all ratings, including the global local currency deposit ratings of Ba1 and Not Prime, the foreign currency deposit ratings of Ba1 and Not Prime and the national scale deposit ratings on the Brazilian national scale of Aa2.br and BR-1. The outlook on all ratings remained stable.

The last rating action on Banco Citibank S.A. was on 10 December 2015, when Moody's placed on review for downgrade the baseline credit assessment; the foreign currency deposit rating; and the counterparty risk assessment assigned to the bank. The action followed the announcement of the review for downgrade on Brazil's government bond rating of Baa3.

The last rating action on Banco Cooperativo Sicredi S.A. was on 2 December 2015, when Moody's assigned first time ratings to the bank, including a BCA of ba1, local currency issuer rating of Ba1/Not Prime, for long and short-term respectively, and Brazilian national scale issuer ratings of Aa1.br and BR-1, for long and short-term. The outlook was assigned as stable.

The last rating action on Banco Daycoval S.A. was on 10 December 2015, when Moody's placed on review for downgrade the baseline credit assessment; the local and foreign currency deposit ratings; the local and foreign currency debt ratings; the national scale ratings; and the counterparty risk assessment assigned to the bank. The action followed the announcement of the review for downgrade on Brazil's government bond rating of Baa3.

The last rating action on Banco do Brasil S.A. was on 10 December 2015, when Moody's placed on review for downgrade the local and foreign currency deposit ratings; the foreign currency debt rating; the national scale ratings; and the counterparty risk assessment assigned to the bank. The action followed the announcement of the review for downgrade on Brazil's government bond rating of Baa3. At the same time, Moody's also placed on review for downgrade the debt ratings and the counterparty risk assessments assigned to Banco do Brasil (Cayman), while the foreign currency preferred stock non-cumulative debt rating of B1(hyb) and the foreign currency junior subordinate debt rating of B1(hyb) were not affected by this action.

The last rating action on Banco do Estado de Sergipe S.A. (Banese) was on 25 November 2015, when Moody's affirmed Banese's ratings and changed their outlook to negative, from stable, including the outlook on their long-term global local- and foreign-currency deposit ratings.

The last rating action on Banco do Estado do Para S.A. (Banpara) was on 25 September 2015, when Moody's affirmed all ratings and assessments assigned to the bank, including the global long and short-term deposit ratings of Ba3 and Not Prime, the long and short-term Brazilian national scale deposit ratings of A2.br and BR-2, and the baseline credit assessment (BCA) of ba3. The outlook on all ratings remained stable.

The last rating action on Banco do Estado do Rio Grande do Sul S.A. (Banrisul) was on 8 October 2015, when Moody's downgraded the bank's long-term local and foreign currency deposit ratings to Ba1 from Baa3, and its short-term deposit ratings to Not Prime from Prime-3. Moody's also downgraded Banrisul's long-term Brazilian national scale deposit rating to Aa2.br from Aaa.br and its foreign currency subordinated debt rating to Ba2 from Ba1. In addition, the outlook on all ratings was changed to negative from stable.

The last rating action on Banco do Nordeste do Brasil S.A. was on 10 December 2015, when Moody's placed on review for downgrade the local and foreign currency deposit ratings; the foreign currency debt rating; the national scale ratings; and the counterparty risk assessment assigned to the bank. The action followed the announcement of the review for downgrade on Brazil's government bond rating of Baa3.

The last rating action on Banco Ford S.A. was on 11 May 2015, when Moody's upgraded the bank's BCA to ba2, from ba3. At the same time, the bank's Ba1 global local currency and foreign currency deposit ratings were affirmed, as well as the Aa1.br Brazilian national scale deposit ratings. The deposit ratings considered the probability of support from the bank's parent Ford Motor Credit Company LLC. This rating action was related to the implementation of the new Banks methodology.

The last rating action on Banco GMAC S.A. was on 3 November 2014, when Moody's affirmed the standalone bank financial strength ratings (BFSR) of the bank and maintained their respective baseline credit assessments (BCA) at ba3. Moody's also upgraded the long-term global local currency and foreign currency deposit ratings of Banco GMAC to Ba2, from Ba3. In addition, Moody's upgraded Banco GMAC's Brazilian national scale deposit ratings to A1.br and BR-1, from A3.br and BR-2, long- and short-term, respectively. The outlook on all ratings remained stable.

The last rating action on Banco Industrial do Brasil S.A. (BIB) was on 26 April 2013, when Moody's affirmed the ratings , including the global local-currency and foreign-currency deposit ratings of Ba2 and Not Prime, and the Brazilian national scale deposit ratings of A1.br and BR-1. The outlook on all ratings remained stable.

The last rating action on Banco Mizuho do Brasil S.A. was on 10 December 2015, when Moody's placed on review for downgrade the foreign currency deposit ratings assigned to the bank. All the other ratings were not affected by this action. The action followed the announcement of the review for downgrade on Brazil's government bond rating of Baa3.

The last rating action on Banco Nac. Desenv. Economico e Social - BNDES was on 10 December 2015, when Moody's placed on review for downgrade the foreign currency deposit rating; the foreign currency debt rating; and the national scale ratings assigned to the bank. The action followed the announcement of the review for downgrade on Brazil's government bond rating of Baa3.

The last rating action on Banco Pine was on 12 June 2015, when Moody's affirmed all ratings assigned to the bank, including the ba3 baseline credit assessment, the Ba3 global local and foreign currency deposits ratings, as well as the foreign currency subordinated debt ratings of B1. The A3.br and BR-2 long- and short-term Brazilian national scale ratings were also affirmed. The outlook on these ratings remained negative.

The last rating action on Banco PSA Finance Brasil S.A. was on 14 August 2015, when Moody's affirmed the bank's long-term local- and foreign-currency deposit ratings at Ba2, and changed the outlook on the ratings to positive, from stable, following the change in the outlook for the ratings of Banco PSA's French-based parent Banque PSA Finance (BPF; Baa3/Baa3 positive, ba2). All other ratings were affirmed.

The last rating action on Banco Safra S.A. was on 10 December 2015, when Moody's placed on review for downgrade the baseline credit assessment; the local and foreign currency deposit ratings; the local and foreign currency debt ratings; the national scale ratings; and the counterparty risk assessment assigned to the bank. The action followed the announcement of the review for downgrade on Brazil's government bond rating of Baa3. At the same time, Moody's also placed on review for downgrade the debt ratings and the counterparty risk assessments assigned to Banco Safra S.A. (Cayman Branch).

The last rating action on Banco Santander (Brasil) S.A. was on 10 December 2015, when Moody's placed on review for downgrade the baseline credit assessment; the local and foreign currency deposit ratings; the foreign currency debt rating; and the counterparty risk assessment assigned to the bank. The action followed the announcement of the review for downgrade on Brazil's government bond rating of Baa3. At the same time, Moody's also placed on review for downgrade the debt ratings and the counterparty risk assessments assigned to Banco Santander (Brasil) S.A. - Cayman Br.

The last rating action on Banco Sofisa S.A. was on 28 September 2015, when Moody's affirmed all ratings assigned to the bank, including the long- and short-term local- and foreign-currency deposit ratings at Ba2 and Not Prime, respectively, the long- and short-term Brazilian national scale deposit ratings at Aa3.br and BR-1, and the long-term foreign currency senior unsecured debt rating on the GMTN Program of (P)Ba2. Moody's also affirmed Sofisa's baseline credit assessment (BCA) and adjusted BCA at ba2, and its long- and short-term Counterparty Risk Assessments (CRA) at Ba1(cr) and Not Prime(cr). The outlook on all ratings remained stable.

The last rating action on Banco Votorantim S.A. was on 09 November 2015, when Moody's downgraded baseline credit assessment (BCA) to ba2 from ba1, its long-term local- and foreign-currency deposit and debt ratings to Ba1 from Baa3; its short-term local- and foreign-currency deposit ratings to Not Prime from Prime 3; the long-term foreign-currency senior debt ratings to its Nassau branch to Ba1 from Baa3; its foreign-currency subordinate debt rating to Ba2 from Ba1; and its long-term Brazilian national scale deposit rating to Aa2.br from Aa1.br. The outlook on all ratings remained negative. The long and short-term counterparty risk assessments of both Banco Votorantim and its Nassau branch were downgraded to Baa3(cr)/Prime 3(cr), from Baa2(cr)/Prime 2(cr), respectively.

The last rating action on BM&FBovespa S.A. was on 10 December 2015, when Moody's placed on review for downgrade the local and foreign currency debt ratings assigned to the issuer. The action followed the announcement of the review for downgrade on Brazil's government bond rating of Baa3.

The last rating action on BRB - Banco Regional de Brasilia S.A. was on 25 November 2015, when Moody's downgraded the Brazilian national scale ratings assigned to BRB to A3.br and BR-2, from A2.br and BR-1, for long and short-term, respectively, and also changed the outlook on the ratings of BRB to negative from stable, including on their long-term global local- and foreign-currency deposit ratings, and their Brazilian national scale deposit ratings.

The last rating action on Caixa Economica Federal (Caixa) was on 10 December 2015, when Moody's downgraded the BCA to ba3, from ba2, and also the foreign currency subordinated debt rating to B1 (hyb), from Ba3 (hyb), which was anchored off the BCA. All other ratings and the counterparty risk assessment assigned to Caixa have been placed under review for downgrade, following the announcement of the review for downgrade on Brazil's government bond rating of Baa3.

The last rating action on China Construction Bank (Brasil) S.A. was on 10 December 2015, when Moody's placed on review for downgrade the foreign currency deposit rating of Baa3 and the foreign currency debt rating of (P)Baa3, as well as the short term deposit rating of P-3 assigned to the bank. All other ratings assigned to China Construction Bank (Brasil) were not affected. The action followed the announcement of the review for downgrade on Brazil's government bond rating of Baa3.

The last rating action on HSBC Bank Brasil S.A. - Banco Multiplo's (HSBC Brasil) was on 16 December 2015, when Moody's placed on review for downgrade the long-term Brazilian national scale deposit rating of Aaa.br. The review follows the announcement of the review for downgrade on Banco Bradesco S.A.'s (Bradesco) baa3 baseline credit assessment on 10 December 2015 given HSBC Holding Plc's plans to sell HSBC Brasil to Bradesco. All other ratings assigned to HSBC Brasil were not affected.

The last rating action on ING Bank N.V. - Sao Paulo was on 10 December 2015, when Moody's placed on review for downgrade the local and foreign currency deposit rating and the Counterparty Risk Assessment assigned to the issuer. The action followed the announcement of the review for downgrade on Brazil's government bond rating of Baa3.

The last rating action on Itau Unibanco Holding S.A. was on 10 December 2015, when Moody's placed on review for downgrade the local and foreign currency debt ratings, as well as the national scale ratings assigned to the issuer. The action followed the announcement of the review for downgrade on Brazil's government bond rating of Baa3. At the same time, Moody's also placed on review for downgrade the debt ratings assigned to Itau Unibanco Holding S.A. (Cayman Islands).

The last rating action on Itau Unibanco S.A. was on 10 December 2015, when Moody's placed on review for downgrade the baseline credit assessment; the local and foreign currency deposit ratings; the foreign currency debt rating; the national scale ratings; and the counterparty risk assessment assigned to the bank. The action followed the announcement of the review for downgrade on Brazil's government bond rating of Baa3. At the same time, Moody's also placed on review for downgrade the foreign currency deposit rating, foreign currency debt rating and counterparty risk assessment assigned to Itau Unibanco S.A. (Cayman Islands).

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 Lisboa
Senior Vice President
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:
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JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's downgrades multiple Brazilian banks, one bank holding company and BM&FBovespa; outlook negative
No Related Data.
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