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Rating Action:

Moody's places on review for downgrade ratings of multiple Brazilian banks, one bank-holding company and BM&FBovespa

 The document has been translated in other languages

10 Dec 2015

New York, December 10, 2015 -- Moody's Investors Service has today placed on review for downgrade the deposit and foreign currency debt ratings as well as counterparty risk assessments assigned to 17 Brazilian banks, and their respective offshore branches and local currency issuer and foreign currency debt ratings assigned to 2 other financial institutions, following the announcement of the review for downgrade on Brazil's government bond rating of Baa3. Moody's also placed on review for downgrade the BCAs of 10 of these entities that are currently at the same level of the sovereign bond rating.

At the same time, Moody's downgraded the BCA assigned to Caixa Economica Federal (Caixa) to ba3, from ba2 and also the foreign currency subordinated debt rating to B1 (hyb), from Ba3 (hyb), which is anchored off the BCA. All other ratings and the counterparty risk assessment assigned to Caixa have been placed under review for downgrade.

In addition, Moody's placed on review the foreign currency deposit rating assigned to HSBC Bank Brasil S.A.-- Banco Multiplo's (HSBC Brasil) as well as its baseline credit assessment of baa3, constrained by Brazil's foreign currency deposit ceiling and by the sovereign bond rating respectively. All other ratings assigned to HSBC Brasil, including local currency deposit and foreign currency senior unsecured debt ratings, have been on review for downgrade since 5 August 2015, following HSBC Holdings' announcement that its Brazilian operations will be acquired by Banco Bradesco (please refer to the press release "Moody's reviews down HSBC Brasil's deposit ratings; affirms Bradesco's ratings," available on www.moodys.com).

Please refer to the 9 December 2015 press release, "Moody's places Brazil's Baa3 issuer and bond ratings on review for downgrade" for more information. The Brazil's domestic currency country deposit and bond ceiling of A1 and the foreign currency deposit and bond ceilings of Baa3 and Baa2, respectively, remained unchanged.

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_186584 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 issuers 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 (CAIAXA)

- Banco Santander (Brasil) S.A.

- Banco Safra S.A.

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

- BM&FBovespa S.A.

- Banco Citibank S.A.

- ING Bank N.V. -- São Paulo

- Banco Mizuho do Brasil S.A.

- Banco Alfa de Investimento S.A.

- Banco ABC Brasil S.A.

- Banco Daycoval S.A.

- Banco BBM S.A.

- China Construction Bank (Brasil) S.A.

- Banco do Nordeste do Brasil S.A.

RATING RATIONALE FOR THE REVIEW FOR DOWNGRADE

These rating actions on Brazilian banks were prompted by the announcement of the review for downgrade on Brazil's bond rating. The affected ratings have close economic linkages to the sovereign credit risk. The review of the sovereign rating will focus on the authorities' ability and willingness to put fiscal policy back on track, restore economic growth and arrest and reverse the rise in the government's debt ratios, in the context of heightened political uncertainty, declining investor confidence and deeper than expected recession.

WHAT COULD CHANGE THE RATING - DOWN

A downgrade of the sovereign will likely result in downgrades of the affected bank ratings. While a confirmation of the government bond rating would likely be followed by confirmations of the affected bank ratings, Moody's continues to assess banks' capacity to withstand a prolonged period of low business volumes and rising credit costs, and to closely monitor how current weak economic conditions affect individual banks' performance, particularly profitably and asset risk. Deterioration of these factors could put further downward pressure on the affected ratings.

CAIXA ECONOMICA FEDERAL: BCA LOWERED TO BA3

In downgrading Caixa's standalone BCA to ba3, Moody's considered the increasing challenges the bank is likely to face in the context of a contracting economy, which will continue to hurt asset quality and profitability through 2016. The BCA anticipates a continued rise in asset risk, primarily related to the portfolio of small and mid-size companies and unsecured consumer loans following five years of aggressive expansion into those riskier asset classes. Prospects for profitability are constrained by decelerating loan growth, a relevant portion of its loans made by low margins and long-dated maturities, and a material increase in credit costs over the past three quarters. Provisions for loan losses increased 87% in the third quarter of 2015 compared the same period in the previous year, and by 34% versus the second quarter of 2015. A gradual shift in Caixa's funding structure towards more expensive alternatives in response to the declining volume of low-cost savings deposits coupled with portfolio growth that remains above average, will continue to weigh negatively on bottom line results in the coming quarters.

Notwithstanding these challenges, Caixa's BCA recognizes its significant market shares of mortgage financing and core savings deposits, as well as stable liquidity and a relatively low dependence on market funds.

Caixa's Baa3 deposit and senior debt ratings were placed on review for downgrade in line with the review of Brazil's government bond ratings. The Baa3 ratings incorporate three notches uplift from Caixa's BCA to reflect the bank's backing by its owner, the Brazilian government. Caixa's financial operations are closely intertwined with the government, as evidenced by significant non-cash capital injections from the central government between 2009 and 2013 as well as large dividend distribution demands.

WHAT COULD CHANGE THE RATING - DOWN

A downgrade of the Baa3 sovereign debt rating would result in a similar action on Caixa's ratings. In addition, Caixa's BCA and subordinated debt rating would come under further downward pressure if asset quality deteriorates more sharply than expected, causing profitability and/or capital to decline further, though on its own this would not result in a downgrade of Caixa's senior debt and deposit ratings.

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 Citibank S.A., Banco Daycoval S.A., Banco do Brasil S.A., Banco Do Brasil S.A. (Cayman), Banco do Nordeste do 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, Caixa Economica Federal (CAIXA), China Construction Bank (Brasil) S.A., HSBC Bank Brasil S.A. - Banco Multiplo, ING Bank N.V. - São Paulo Branch, Itau Unibanco Holding S.A., Itau Unibanco Holding S.A. (Cayman Islands), Itau Unibanco S.A., and Itau Unibanco S.A. (Cayman Islands) was Banks published in March 2015. 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 Credit Policy page on www.moodys.com for a copy of these 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 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 August 12, 2015, when Moody's downgraded the local and foreign currency deposit ratings, as well as foreign currency senior unsecured debt ratings assigned to Itaú Unibanco, following the downgrade of the sovereign debt rating to Baa3. The bank's baseline credit assessment and the counterparty risk assessment were also downgraded. The outlook on the ratings changed to stable, from negative in line with the stable outlook on the sovereign debt rating.

The last rating action on Itaú Unibanco Holding S.A. was on August 12, 2015, when Moody's downgraded the local issuer rating to Ba1 and its foreign currency senior unsecured and subordinated debt ratings, both to Ba1. The action followed the downgrade of Brazil's debt rating to Baa3. The outlook on Itau Unibanco Holding's ratings changed to stable, from negative in line with the stable outlook on the sovereign debt rating.

The last rating action on Banco Bradesco S.A. was on August 12, 2015, when Moody's downgraded the local and foreign currency deposit ratings, as well as foreign currency senior unsecured debt ratings assigned to Bradesco, following the downgrade of the sovereign debt rating to Baa3. The baseline credit assessment and the counterparty risk assessment assigned to Bradesco were also downgraded. The outlook on the ratings changed to stable, from negative in line with the stable outlook on the sovereign debt rating.

The last rating action on Banco do Brasil S.A. was on November 3, 2015, when Moody's downgraded the bank's BCA to ba1 from baa3 and affirmed the long-term global scale deposit and debt ratings at Baa3 as well as the long and short-term Brazilian national scale deposit ratings at Aaa.br and BR-1; and the counterparty risk assessments at Baa3(cr) for long-term and Prime-3(cr) for short-term. The outlook for the bank's ratings remained stable. At the same time, Moody's also downgraded the preferred stock non-cumulative rating to B1(hyb) from Ba3(hyb), as well as the junior subordinated debt rating to B1(hyb) from Ba2(hyb), both assigned to debts issued by Banco do Brasil S.A. -- Cayman Branch.

The last rating action on BNDES was was on August 12, 2015, when Moody's downgraded the local currency issuer rating to Baa3 and its foreign currency senior unsecured debt ratings also to Baa3, following the downgrade of Brazil's debt rating to Baa3. The outlook on BNDES' ratings changed to stable, from negative, in line with the stable outlook on the sovereign debt rating.

The last rating action on Caixa Economica Federal was on August 12, 2015, when Moody's downgraded the local and foreign currency deposit ratings to Baa3 , from Baa2, and its foreign currency senior unsecured debt rating to Baa3, following the downgrade of Brazil's debt rating to Baa3. The baseline credit assessment remained unchanged at ba2, while the long and short-term counterparty risk assessments were downgraded to Baa3(br) and Prime-3(cr) respectively. At the same time, the rating assigned to Caixa's non-viability Tier 2 subordinated notes remained unchanged at Ba3(hyb). The outlook on Caixa's ratings changed to stable, from negative, in line with the stable outlook on the sovereign debt rating.

The last rating action on Banco Santander (Brasil) S.A. was on August 12, 2015, when Moody's downgraded its baseline credit assessment to baa3, from baa2, and downgraded the bank's foreign currency deposit rating to Baa3, from Baa2, following the downgrade of Brazil's debt rating to Baa3. At the same time, the local currency deposit and the foreign currency senior unsecured debt ratings were affirmed, by the effect of the incorporation of parent support. The outlook on all ratings was stable.

The last rating action on Banco Safra S.A. was on August 12, 2015, when Moody's downgraded its local and foreign currency deposit ratings to Baa3, as well as foreign currency senior unsecured debt rating to Baa3, from Baa2, following the downgrade of the sovereign debt rating to Baa3. The bank's baseline credit assessment and the counterparty risk assessment were also downgraded. The outlook on the ratings changed to stable, from negative in line with the stable outlook on the sovereign debt rating. At the same time, Moody's also downgraded the subordinated debt rating to Ba1 from Baa3 assigned to debts issued by Banco Safra S.A. -- Cayman Branch.

The last rating action on HSBC Bank Brasil S.A.- Banco Múltiplo was on August 21, 2015, when Moody's downgraded HSBC Brazil's long-term and short-term global local currency deposit ratings to Baa1 and Prime-2 , respectively, as well as the adjusted baseline credit assessment (adj. BCA) to baa1 from a2 and the long- and short-term counterparty risk (CR) assessments to A3(cr) and Prime-2(cr), respectively. The ratings and assessments remained under review for further downgrade, including the bank's long-term foreign currency senior unsecured debt rating of Baa2, as well as the long-term foreign currency senior unsecured debt rating on the GMTN Program of (P)Baa2. At the same time, Moody's affirmed HSBC Brazil's long- and short-term foreign currency deposit ratings of Baa3 and Prime-3 and long- and short-term Brazilian national scale deposit ratings of Aaa.br and BR-1. The standalone BCA of baa3 remained unchanged.

The last rating action on BM&FBovespa S.A. was on August 12, 2015, when Moody's downgraded both its local issuer and foreign currency senior unsecured debt ratings to Baa2, from Baa1. The action followed the downgrade of Brazil's debt rating to Baa3. The outlook on BM&FBovespa's ratings changed to stable, from negative in line with the stable outlook on the sovereign debt rating.

The last rating action on Banco Citibank S.A. was on August 12, 2015, when Moody's downgraded the bank's baseline credit assessment to baa3, from baa2, and also downgraded its foreign currency deposit rating to Baa3, from Baa2. The bank's adjusted BCA was affirmed at baa2. The action followed the downgrade of Brazil's debt rating to Baa3. The outlook for the bank's ratings was stable. The counterparty risk assessments were affirmed.

The last rating action on ING Bank N.V. -- São Paulo was on August 12, 2015, when Moody's downgraded the long and short-term foreign currency deposit ratings to Baa3 and Prime-3, respectively, following the downgrade of Brazil's debt rating to Baa3. The outlook on these ratings changed to stable, from negative, in line with the stable outlook at the sovereign debt rating. Other assessments and ratings remained unchanged.

The last rating action on Banco Mizuho do Brasil S.A. was on August 12, 2015, when Moody's downgraded the bank's long-term foreign currency deposit ratings to Baa3, following the downgrade of Brazil's debt rating to Baa3. The outlook on the foreign currency deposit rating changed to stable, from negative, in line with the stable outlook at the sovereign debt rating. Other assessments and ratings were affirmed and remained with stable outlook.

The last rating action on Banco Alfa de Investimento S.A. (Alfa) was on October 27, 2015, when Moody's changed to negative the outlook on Alfa's ratings, including on the local and foreign currency deposit ratings of Baa3 . The global scale ratings as well as the assessments were affirmed, while the long-term Brazilian national scale deposit rating was downgraded to Aa1.br, from Aaa.br.

The last rating action on Banco ABC Brasil S.A. (BAB) was on October 27, 2015, when Moody's changed to negative the outlook on BAB's ratings, including on the local and foreign currency deposit ratings of Baa3 , and on the foreign currency senior unsecured and subordinated debt ratings of Baa3 and Ba1, respectively. All ratings and assessments were affirmed.

The last rating action on Banco Daycoval S.A. (Daycoval) was on October 27, 2015, when Moody's changed to negative the outlook on Daycoval's ratings, including on the local and foreign currency deposit ratings of Baa3 , and on the foreign currency senior unsecured debt rating of Baa3. All ratings and assessments were affirmed.

The last rating action on Banco BBM S.A. (BBM) was on October 27, 2015, when Moody's changed to negative the outlook on BBM's ratings, including on the local and foreign currency deposit ratings of Baa3. All ratings and assessments were affirmed.

The last rating action on China Construction Bank (Brasil) S.A. was on September 11, 2015, when Moody's downgraded the bank's baseline credit assessment (BCA) to b1, from ba3. All other ratings were affirmed. The outlook on the bank's local and foreign currency deposit ratings of Baa3 was changes to negative, from stable. All ratings and the counterparty risk assessments were affirmed.

The last rating action on Banco do Nordeste do Brasil S.A. (BNB) was on November 25, 2015, when Moody's downgraded BNB's baseline credit assessment (BCA) to b1 from ba2, and downgraded its long-term global local- and foreign-currency deposit ratings to Ba1 from Baa3; its long-term senior unsecured debt rating to Ba1 from Baa3; its short-term global local- and foreign-currency deposit ratings to Not Prime from Prime 3; and its long-term Brazilian national scale deposit rating to Aa1.br from Aaa.br. Simultaneously, Moody's affirmed the short-term Brazilian national scale deposit rating of BR-1. The outlook on all ratings remained stable.

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:
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 places on review for downgrade ratings of multiple Brazilian banks, one bank-holding company and BM&FBovespa
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