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Rating Action:

Moody's downgrades ratings on 12 Brazilian banks, one bank-holding company and BM&FBovespa; outlook changed to stable

 The document has been translated in other languages

12 Aug 2015

NOTE: On August 19, 2015, the list of affected credit ratings accessible via hyperlink from this press release was republished to correct the HSBC Bank Brasil S.A. – Banco Multiplo Former ST Counterparty Risk Assessment (CRA) to P-2(cr) from P-1(cr). Revised release follows.

New York, August 12, 2015 -- Moody's Investors Service has today downgraded the ratings of several Brazilian banks following the downgrade of Brazil's government bond rating to Baa3 from Baa2. In addition to downgrading Brazil's bond rating, Moody's also downgraded its senior unsecured debt rating to Baa3 from Baa2, and the senior unsecured shelf rating to (P)Baa3 from (P)Baa2. The rating agency also changed Brazil's foreign currency country ceilings as part of this rating action. The foreign currency bond ceiling went to Baa2 from Baa1, while the foreign currency deposit ceiling went to Baa3 from Baa2. The rating agency also changed the government's rating outlook to stable from negative.

Moody's downgraded the long-term global local currency deposit and issuer ratings of nine financial institutions, and downgraded five banks' standalone baseline credit assessments (BCAs) to baa3 from baa2. Moody's also downgraded six senior and junior subordinated debt ratings.

Moody's also downgraded the long-term global foreign currency deposit and/or senior debt ratings of 20 financial institutions, including the foreign branches, because of the change in Brazil's foreign currency bond ceiling to Baa2 from Baa1, and its foreign currency deposit ceiling to Baa3 from Baa2. Also, Brazil's local currency deposit ceiling of A1 remained unchanged. Please refer to the August 11, 2015 press release, "Moody's downgrades Brazil's rating to Baa3 from Baa2; outlook changed to stable" for more information.

The outlook on all the affected global scale ratings was changed to stable from negative, in line with the outlook of the sovereign, except for HSBC Bank Brasil's ratings, which remain on review for downgrade following HSBC Holdings' announcement that its Brazilian operations will be acquired by Banco Bradesco (please refer to the August 5, 2015 press release "Moody's reviews down HSBC Brasil's deposit ratings; affirms Bradesco's ratings," available on www.moodys.com).

Moody's also downgraded the counterparty risk (CR) assessments assigned to ten banks, including their respective foreign branches, by one notch, and downgraded the Brazilian national scale issuer rating assigned to Itaú Unibanco Holding S.A. to Aa1.br from Aaa.br, in line with the downgrade of its global local currency issuer rating to Ba1 from Baa3, which captures one notch of structural subordination from its operating bank subsidiary Itaú Unibanco S.A., the ratings of which were also downgraded by one notch, to Baa3 from Baa2.

Finally, the global local currency deposit ratings and the BCAs of four foreign-owned banks remained unchanged. Moody's also affirmed the Aaa.br Brazilian national scale deposit ratings of eight banks whose global local currency deposit ratings were downgraded to Baa3 from Baa2.

For all of the issuers cited in this press release, the ratings and assessments not included in this action remain the same. The Ba3(hyb) rating assigned to the $2.5billion preferred stock non-cumulative notes issued by Banco do Brasil Cayman Branch in 2014, as well as the Ba3(hyb) rating assigned to the subordinated notes issued by Caixa Economica Federal in 2014 also remained unchanged. These ratings are notched off Banco do Brasil and Caixa's respective BCAs, which remained unchanged at baa3 and ba2.

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_183549 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.

The following banks and financial institutions are covered in this press release:

- Itaú Unibanco S.A.

- Itaú Unibanco Holding S.A.

- Banco Bradesco S.A.

- Banco do Brasil S.A.

- Banco Nacional de Desenvolvimento Econômico e Social -- BNDES

- Caixa Economica Federal

- Banco Santander (Brasil) S.A.

- Banco Safra S.A.

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

- BM&FBovespa S.A.

- Banco Citibank S.A.

- ING Bank N.V. -- São Paulo

- Banco Alfa de Investimento S.A.

- Banco Mizuho do Brasil S.A.

RATINGS RATIONALE

The downgrades announced in this press release follow the downgrade to Baa3 from Baa2 of Brazil's government bond rating, and the corresponding changes to Brazil's foreign currency debt and deposit ceilings. In particular, those banks whose BCAs were previously at baa2 saw their BCAs lowered to baa3. Except for when a substantial portion of a bank's assets are located in another jurisdiction, or the bank generates a relevant portion of its revenues abroad, a bank's BCA is generally capped at the level of its sovereign. Except for certain foreign-owned banks, the local currency ratings of which benefit from parental support, the downgrade of these banks' BCAs resulted in downgrades to their local currency debt and deposit ratings. Other banks' foreign currency ratings were lowered because of the changes to the country ceilings. Finally, certain other financial institutions whose ratings receive uplift due to government support were also downgraded in light of the downgrade of the sovereign.

The main drivers of the downgrade of the sovereign's ratings were the following: (1) weak economic growth, increased government spending and a lack of political consensus that will limit the authorities' ability to arrest and reverse deficit and debt trends and (2) debt metrics that Moody's expects will deteriorate materially relative to Baa-rated peers. At the same time, the Baa3 rating still incorporates the country's ability to withstand external financial shocks given ample international reserve buffers; a government balance sheet with relatively limited exposure to foreign currency debt and non-resident debt holdings compared with its peers; and a large and diversified economy.

Due to the weak operating environment anticipated for the remainder of 2015 and 2016, characterized by declining industrial production, rising unemployment and high inflation, and the consequent deterioration in the repayment capacity of companies and households, Moody's expects that banks will reinforce provisions for loan losses. Although the banks' recent performance has benefited from high credit spreads and trading gains, over the medium-term, the slowdown in business origination and rising credit costs may challenge earnings generation.

Notwithstanding the stable outlook on most of the affected banks, their ratings could face further downward pressure should Brazil's operating environment deteriorate more sharply than currently expected, resulting in a substantial rise in delinquencies and credit costs, and/or a decline in profitability and capitalization levels. Those banks that are more adversely affected by the current environment could see their ratings fall first. The ratings might also be downgraded again if the sovereign's rating declines further.

Positive rating pressure on the banks affected by this action is limited at this point as most are constrained by the sovereign and/or the country ceilings, though if and when the sovereign's creditworthiness begins to improve, the banks' ratings could follow.

METHODOLOGY USED

The principal methodology used in rating the banks was Moody's "Banks," published in March 2015. Please see the Credit Policy page on ww.moodys.com for a copy of this methodology.

The principal methodology used in rating BNDES was Moody's "Government-Related Issuers," published in October 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The principal methodology used in rating BM&FBovespa was Moody's "Global Securities Industry Methodology," published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

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 an ".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 Itaú Unibanco S.A. was on May 11, 2015, when Moody's lowered the bank's BCA to baa2 from baa1; downgraded the long-term local currency deposit rating and senior unsecured debt rating to Baa2 from Baa1; affirmed the Brazilian long-term national scale deposit ratings at Aaa.br; and assigned a long-term CR assessment of Baa1(cr) and a short-term CR assessment of Prime-2(cr). All of the other ratings remained the same.

The last rating action on Itaú Unibanco Holding S.A. was on May 11, 2015, when Moody's downgraded the local currency issuer and senior unsecured debt ratings to Baa3 from Baa2 and the short-term issuer and debt ratings to Prime-3 from Prime-2.

The last rating action on Banco Bradesco S.A. was on August 5, 2015, when Moody's affirmed all ratings assigned to Bradesco, following the announcement of the acquisition of HSBC's operations in Brazil. The outlook on the ratings remained unchanged.

The last rating action on Banco do Brasil S.A. was on May 11, 2015, when Moody's lowered the bank's BCA to baa3 from baa2; affirmed the long-term global scale deposit and debt ratings of Baa2 and the long-term Brazilian national scale deposit rating of Aaa.br; and assigned a long-term CR assessment of Baa2(cr) and a short-term CR assessment of Prime-2(cr). The outlook for the bank's ratings remained negative. Moody's also downgraded the preferred stock non-cumulative rating of the bank's foreign branch, Banco do Brasil S.A. (Cayman), to Ba3(hyb) from Ba2(hyb).

The last rating action on Banco Nacional de Desenvolvimento Econômico e Social -- BNDES was on June 17, 2015, when Moody's affirmed the bank's local currency issuer rating of Baa2, the foreign currency deposit and debt ratings on the global scale of Baa2 and Brazilian national scale deposit rating of Aaa.br. The outlook for the ratings remained negative.

The last rating action on Caixa Economica Federal was on June 17, 2015, when Moody's affirmed all of the bank's deposit and debt ratings on both global scale and Brazilian national scale as well as the BCA of ba2. The outlook for the ratings remained negative.

The last rating action on Banco Santander (Brasil) S.A. was on September 9, 2014, when the rating agency changed to negative from stable the outlook for the bank's long-term global local and foreign currency deposit ratings, as well as the senior unsecured rating assigned to the bank and to the Cayman branch. Moody's also affirmed all of the ratings. These rating actions followed the change in outlook to negative from stable for Brazil's government bond ratings.

The last rating action on Banco Safra S.A. was on June 12, 2015, when Moody's affirmed all of the bank's debt and deposit ratings on the global and Brazilian national scales as well as the BCA of baa2. Moody's also assigned a long-term CR assessment of Baa1(cr) and a short-term CR assessment of Prime-2(cr). The outlook for the ratings remained negative.

The last rating action on HSBC Bank Brasil - Banco Múltiplo S.A. was on August 5, 2015, when Moody's placed on review for downgrade the bank's Adjusted BCA of a2 and the local currency deposit and foreign currency debt ratings. Moody's also affirmed the foreign currency deposit and the Brazilian national scale deposits ratings. These actions followed the August 3, announcement of the sale of HSBC's Brazilian subsidiary to Banco Bradesco.

The last rating action on BM&FBovespa S.A. was on May 19, 2015, when Moody's withdrew the bank's long-term Brazilian national scale issuer rating of Aaa.br for business reasons. The long-term local currency issuer rating of Baa1 and the senior unsecured foreign currency debt rating of Baa1 were unaffected.

The last rating action on Banco Citibank S.A. was on June 12, 2015, when Moody's affirmed the bank's foreign currency deposit rating and lowered the BCA to baa3 from baa2. The outlook for the bank's ratings remained negative. The short-term foreign currency deposit rating remained the same.

The last rating action on ING Bank N.V. -- São Paulo was on June 2, 2015, when Moody's upgraded the long-term global local currency deposit rating to A1 from A2 and changed the outlook for the rating to stable from negative. Moody's also affirmed ING Brazil's foreign currency deposit ratings of Baa2 and Prime-2, the short-term global local currency deposit rating of Prime-1, and the Brazilian national scale deposit ratings of Aaa.br and BR-1. The outlook for the foreign currency deposit ratings was negative.

The last rating action on Banco Alfa de Investimento S.A. was on September 9, 2014, when Moody's changed to negative from stable the outlook for Banco Alfa's long-term local and foreign currency deposit ratings of Baa2. The Prime-3 short-term local and foreign currency deposit ratings as well as the baa2 BCA and the Aaa.br/BR-1 long and short-term Brazilian national scale ratings were affirmed. The action followed the change in outlook to negative from stable for Brazil's government bond ratings.

The last rating action on Banco Mizuho do Brasil S.A. was on September 15, 2014, when Moody's changed to negative from stable the outlook for the bank's long-term foreign currency deposit rating of Baa2. At the same time, Moody's affirmed all of the ratings assigned to the bank and maintained the BCA at ba3. The outlook for the long-term global local currency deposit rating of Baa2 remained stable. The rating action followed the change in outlook to negative from stable on Brazil's government bond ratings.

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 following information supplements Disclosure 10 ("Information Relating to Conflicts of Interest as required by Paragraph (a)(1)(ii)(J) of SEC Rule 17g-7") in the regulatory disclosures made at the ratings tab on the issuer/entity page on www.moodys.com.br for each credit rating:

For identification of which credit ratings have payors that have or have not paid Moody's for services other than determining a credit rating in the most recently ended fiscal year, please see the detailed list under the following link: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_182341. The list is an integral part of this press release.

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.

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:
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 downgrades ratings on 12 Brazilian banks, one bank-holding company and BM&FBovespa; outlook changed to stable
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