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Announcement:

Moody's extends review for downgrade on Novo Banco's deposit and senior debt ratings

24 Nov 2014

Madrid, November 24, 2014 -- Moody's Investors Service has today extended its review for downgrade of the B2 long-term deposit and B3 long-term senior debt ratings of Novo Banco S.A. and its supported entities, because of the prevailing uncertainties around the bank's creditworthiness and financial profile, including details and clarity about its key financial metrics. Concurrently, Moody's has extended its review for upgrade of Novo Banco's standalone bank financial strength rating of E (equivalent to a ca baseline credit assessment (BCA)).

RATINGS RATIONALE

The extension of the review for downgrade of Novo Banco's and its supported entities deposit and debt ratings reflects the ongoing uncertainty with respect to the bank's credit profile. Since its creation and capitalisation by the Portuguese Resolution Fund on 3 August 2014, Novo Banco has not publicly disclosed any financial information that would provide guidance on the bank's final balance sheet, profit and loss account, asset quality, risk-absorption capacity or liquidity position. These relevant metrics are essential for Moody's to assess the bank's creditworthiness and conclude the rating review initiated on 12 August 2014 (see "Moody's assigns B3 senior debt and B2 deposit ratings to Novo Banco; ratings on review for downgrade").

Moody's notes that it expects to receive necessary information to conclude its assessment of Novo Banco's credit profile during the extended review period.

The E/ca BFSR that Moody's assigned to Novo Banco reflects its status as the successor to Banco Espirito Santo (BES, E/ca) and the high degree of uncertainty around the bank's credit profile. However, the rating agency placed the BFSR on review for upgrade and noted that the BFSR could be raised if Moody's determined that Novo Banco is fully and effectively protected from problematic exposures and contingent liabilities related to BES's insolvency.

WHAT COULD MOVE THE RATINGS UP/DOWN

Moody's says there are several issues that could limit the potential improvement of Novo Banco's BFSR (1) evidence that BES's failure has impaired the bank's franchise; (2) any impact on the bank's business model, given that BES relied heavily on its strong links to the Espirito Santo group; ; and (3) any litigation risk or other remaining risks that could arise from the insolvency of BES to the extent that they could also affect Novo Banco.

Novo Banco's B3 long-term senior debt and B2 long-term deposit ratings reflect the measures that the Portuguese authorities put in place to protect Novo Banco's debt and deposit holders from the resolution of BES. Both review for downgrade placements indicate that the ratings could be lowered if Moody's assesses a lower probability of government (systemic) support and that potential improvement in the bank's BFSR does not offset this risk.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Global Banks published in July 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

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.

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 Moody's Ratings Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the time horizon in which a credit rating action may be after a review or outlook action took place.

Please see the ratings tab on the issuer page on www.moodys.com for the last action and the history of the rating. 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/disclosures for further information.

Please see the ratings disclosure page on www.moodys.com/disclosures for disclosures on significant Moody's shareholders and on certain relationships between Moody's, its shareholders and/or rated issuers.

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.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Maria Jose Mori
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Johannes Felix Wassenberg
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's extends review for downgrade on Novo Banco's deposit and senior debt ratings
No Related Data.
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