New York, May 11, 2016 -- Moody's Investors Service has repositioned the national scale ratings
(NSRs) of 28 Brazilian banks and other financial institutions issuers
in conjunction with the recalibration of the Brazilian national rating
scale.
National scale ratings (NSRs), which provide a measure of relative
creditworthiness within a single country, are derived from global
scale ratings (GSRs) using country-specific maps. The adoption
of a revised correspondence between Moody's global scale ratings and the
Brazilian national scale follows the publication of Moody's updated
methodology "Mapping National Scale Ratings from Global Scale Ratings"
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_189032
. For more information, please see "Moody's publishes
updated methodology for national scale ratings" https://www.moodys.com/research/Moodys-publishes-updated-methodology-for-national-scale-ratings--PR_348579
.
With approximately 170 rated fundamental issuers in Brazil, the
new map has been designed using the modified approach, whereby the
map design is adjusted to reflect the distribution of fundamental ratings
in the country in order to ensure adequate opportunity for differentiation
where ratings are most highly concentrated. Structured finance
ratings are not taken into consideration in the determination of the map
design. Because fewer than 5% of fundamental issuers are
rated at or above the previous anchor point, or the lowest global
scale rating that can map to a Aaa.br, the anchor point has
been lowered to Ba1 from Baa3 under the new map. As nearly 15%
of fundamental issuers are rated above Brazil's sovereign bond rating
of Ba2, however, the anchor point remains a notch higher than
the sovereign. Because nearly 40% of fundamental issuers
are rated Ba2 on the global scale, Ba2 corresponds to three ratings
on the national scale, Aa1.br, Aa2.br,
and Aa3.br, to allow for adequate opportunity for credit
differentiation amongst these issuers. The global scale rating
of Ba3, which is assigned to another 20% of fundamental issuers,
also corresponds to three national scale ratings. In addition,
in order to clarify the meaning of NSRs, overlap -- where two
GSRs can correspond to the same NSR -- has been eliminated from the
Brazilian national scale map, so every NSR maps back to just one
GSR. As a result of these changes, GSRs of B1 and above will
in some cases correspond to higher NSRs on the Brazilian national scale
than they did previously, GSRs of B2 and below may correspond to
lower NSRs.
Consequently, approximately 35% of Brazilian fundamental
issuer's primary long-term national ratings are being repositioned
upwards, and roughly 20% are being repositioned lower.
Certain short-term and other NSRs may be affected for these and
other issuers as well. In addition, approximately one-third
of the NSR assigned to Brazilian structured finance transactions are being
repositioned higher, while roughly 15% are being repositioned
lower. The average change is just over one notch. The repositioned
national scale ratings of individual issuers do not signify a change in
credit risk, since the global scale ratings (GSRs) for these issuers
remain unchanged.
As a result of the recalibration, the level of risk associated with
a particular Brazilian national scale rating level (e.g.
Aa2.br) has changed in many cases. NSRs have no inherent
absolute meaning in terms of default risk or expected loss; they
are ordinal rankings of creditworthiness relative to other domestic issuers
within a given country. A historical probability of default and/or
expected loss consistent with a given NSR can be inferred from the GSR
to which it maps back at that particular point in time. However,
both the probability of default and the expected loss of an NSR may change
if and when a country's national scale is remapped.
ISSUERS AND RATINGS AFFECTED
Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_189783
for the list of affected credit ratings. This list is an integral
part of this press release and identifies each affected issuer.
RATINGS RATIONALE
National scale ratings are assigned by applying the published correspondence
from global scale ratings. Where a single global scale rating maps
to multiple national scale ratings, rating committees assigned higher
or lower national scale ratings to individual issuers and debts depending
on their relative credit position within the same global scale rating
category, using the same methodologies as were used to determine
the GSRs themselves.
WHAT COULD CHANGE THE RATINGS -- UP AND DOWN
The NSRs would face upward or downward pressure if their corresponding
GSRs are upgraded or downgraded, unless this is in conjunction with
a sovereign rating action that results in another recalibration of the
Brazilian national scale with an offsetting impact on NSRs. In
addition, the NSRs may be repositioned upwards (downwards) if Brazil's
sovereign is downgraded (upgraded) and the map is revised accordingly,
but the corresponding GSRs have not changed as a result of the sovereign
action. Because of the higher granularity of national scales,
NSRs may also face pressure due to changes in creditworthiness that are
not sufficient to cause a change in the corresponding GSR, measured
using the same methodologies used to determine the GSR.
The principal methodology used in rating Banco Alfa de Investimento S.A.,
Banco Bradesco S.A., Banco BTG Pactual S.A.,
Banco Cetelem S.A., Banco do Brasil S.A,
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 Fibra S.A., Banco Ford S.A.,
Banco GMAC S.A., Banco Industrial do Brasil S.A.,
Banco Mercantil do Brasil S.A., Banco Pan S.A.,
Banco Paulista S.A., Banco Pine S.A.,
Banco PSA Finance Brasil S.A., Banco Safra S.A.,
Banco Santander (Brasil) S.A., Banco RCI Brasil S.A.,
Banco Votorantim S.A., BRB-Banco de Brasilia
S.A., Caixa Economica Federal (CAIXA), China
Construction Bank (Brasil) S.A., HSBC Bank Brasil
S.A. - Banco Multiplo, Itau Unibanco Holding
S.A. and Itau Unibanco S.A. 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. Please see the Ratings Methodologies
page on www.moodys.com.br 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 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 May 2016 entitled "Mapping National Scale Ratings
from Global Scale Ratings". While NSRs have no inherent absolute
meaning in terms of default risk or expected loss, a historical
probability of default consistent with a given NSR can be inferred from
the GSR to which it maps back at that particular point in time.
For information on the historical default rates associated with different
global scale rating categories over different investment horizons,
please see https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_189530.
LAST RATING ACTIONS
The last rating action on Banco Alfa de Investimento S.A.
(Alfa) was on 25 February 2016, when Moody's downgraded the bank's
baseline credit assessment to ba2, from baa3, as well as the
long and short-term local currency deposit ratings to Ba2/Not Prime,
from Baa3/Prime-3, following the downgrade of Brazil's
government bond rating to Ba2, from Baa3. Alfa's foreign
currency deposit rating was downgraded to Ba3, following the downgrade
of Brazil's foreign currency deposit ceiling to Ba3, from
Baa3. The bank's Brazilian national scale deposit rating
was downgraded to Aa2.br, from Aa1.br. The
counterparty risk assessments assigned to Alfa were also downgraded to
Ba1(cr)/NP(cr). The outlook of the bank's global scale ratings
was changed to negative in line with the negative outlook on the sovereign
bond rating.
The last rating action on Banco Bradesco S.A. was on 25
February 2016, when Moody's downgraded the bank's baseline
credit assessment to ba2, from baa3, as well as the long and
short-term local currency deposit ratings to Ba2/Not Prime,
from Baa3/Prime-3, and the foreign currency senior unsecured
debt rating to Ba2 from Baa3, following the downgrade of Brazil's
government bond rating to Ba2, from Baa3. Bradesco's
foreign currency deposit rating was downgraded to Ba3, following
the downgrade of Brazil's foreign currency deposit ceiling to Ba3,
from Baa3. The bank's Brazilian national scale deposit rating
was downgraded to Aa2.br, from Aaa.br. The
counterparty risk assessments assigned to Bradesco were also downgraded
to Ba1(cr)/NP(cr). The outlook of the bank's global scale
ratings was changed to negative in line with the negative outlook on the
sovereign bond rating.
The last rating action on Banco BTG Pactual S.A. was on
11 March 2016 when Moody's downgraded its baseline credit assessment (BCA)
to ba3 from ba2, and its ratings, including the long-term
global local-currency deposit rating to Ba3 from Ba2; the
senior unsecured MTN program (foreign currency) rating to (P)Ba3 from(P)Ba2;
and the long-term Brazilian national scale deposit rating to A2.br.
The foreign currency deposit rating of Ba3 as well as the short-term
deposit and debt ratings of Not Prime remained unchanged. The counterparty
risk assessment for long-term assigned to BTG Pactual was also
downgraded to Ba2(cr), and short-term remained unchanged
at NP(cr). The outlook on the rating was changed to negative.
The last rating action on Banco Cetelem S.A. was on 25 February
2016, when Moody's downgraded the bank's foreign currency
deposit rating was downgraded to Ba3, following the downgrade of
Brazil's foreign currency deposit ceiling to Ba3, from Baa3.
All other ratings were affirmed. The outlook of this rating was
change to negative in line with the negative outlook on the sovereign
bond rating. All other ratings remained unchanged with stable outlook.
The last rating action on Banco do Brasil S.A. (BB) was
on 25 February 2016, when Moody's downgraded the bank's baseline
credit assessment to ba2, from ba1, as well as the long and
short-term local currency deposit ratings to Ba2/Not Prime,
from Baa3/Prime-3, and the foreign currency senior unsecured
debt rating assigned to the program to (P)Ba2 from (P)Baa3, following
the downgrade of Brazil's government bond rating to Ba2, from
Baa3. BB's foreign currency deposit rating was downgraded
to Ba3, following the downgrade of Brazil's foreign currency
deposit ceiling to Ba3, from Baa3. The bank's Brazilian
national scale deposit rating was downgraded to Aa2.br, from
Aaa.br. The counterparty risk assessments assigned to BB
were also downgraded to Ba1(cr)/NP(cr). The outlook of the bank's
global scale ratings was changed to negative in line with the negative
outlook on the sovereign bond rating.
The last rating action on Banco do Estado de Sergipe S.A.
(Banese) was on 25 February 2016, when Moody's downgraded the bank's
foreign currency deposit rating was downgraded to Ba3, following
the downgrade of Brazil's foreign currency deposit ceiling to Ba3,
from Baa3. All other ratings remained unchanged. The outlook
of the bank's global scale rating was changed to negative in line
with the negative outlook on the sovereign bond rating.
The last rating action on Banco do Estado do Para S.A. (Banpara)
was on 25 February 2016, when Moody's changed the outlook on the
bank's foreign currency deposit rating of Ba3 to negative,
from stable, in line with the negative outlook on the sovereign
bond rating.
The last rating action on Banco do Estado do Rio Grande do Sul S.A.
(Banrisul) was on 25 February 2016, when Moody's downgraded the
bank's baseline credit assessment to ba2, from ba1,
as well as the long-term local currency deposit ratings to Ba2,
from Ba1, and the foreign currency subordinated debt rating to Ba3,
following the downgrade of Brazil's government bond rating to Ba2,
from Baa3. Banrisul's foreign currency deposit rating was
downgraded to Ba3, following the downgrade of Brazil's foreign
currency deposit ceiling to Ba3, from Baa3. The bank's
long-term Brazilian national scale deposit rating was downgraded
to Aa2.br, from Aaa.br. The long-term
counterparty risk assessment assigned to Banrisul was also downgraded
to Ba1(cr). All other short-term ratings remained unchanged.
The outlook of the bank's global scale ratings remained negative.
The last rating action on Banco Fibra S.A. (Fibra) was on
21 September 2015 when Moody's downgraded Fibra's BCA to b3 from
b1; long-term global local and foreign currency deposit ratings
to B3 from B1; the senior unsecured medium term note (MTN) program
(foreign currency) rating to (P)B3 from (P)B1; the long-term
foreign-currency subordinated debt rating to Caa1 from B2;
the long-term Brazilian national scale deposit rating to B1.br
from Baa2.br; and the short-term Brazilian national
scale deposit rating to BR-4 from BR-2. The outlook
for its ratings remained negative.
The last rating action on Banco Ford S.A. was on 25 February
2016, when Moody's downgraded the bank's foreign currency
deposit rating was downgraded to Ba3, following the downgrade of
Brazil's foreign currency deposit ceiling to Ba3, from Baa3.
The outlook of this rating was changed to negative in line with the negative
outlook on the sovereign bond rating. All other ratings were affirmed
with stable outlook.
The last rating action on Banco GMAC S.A. was on 25 February
2016, when Moody's affirmed all credit assessments and ratings assigned
to the bank, including its BCA of ba3, and local currency
deposits of Ba2/Not Prime, for long and short-term respectively.
At the same time, Moody's downgraded the bank's long-term
foreign currency deposit rating to Ba3, following the downgrade
of Brazil's foreign currency deposit ceiling to Ba3, from
Baa3. The outlook of this rating was changed to negative in line
with the negative outlook on the sovereign bond rating. All other
ratings were affirmed with stable outlook.
The last rating action on Banco Industrial do Brasil S.A.
(BIB) was on 25 February 2016, when Moody's changed the outlook
on the bank's local currency deposit rating of Ba2, and downgraded
its long-term foreign currency deposit rating to Ba3, following
the downgrade of Brazil's foreign currency deposit ceiling to Ba3,
from Baa3. The outlook of these ratings was changed to negative
in line with the negative outlook on the sovereign bond rating.
All other ratings remained unchanged.
The last rating action on Banco Nac. Desenv. Economico e
Social - BNDES was on 25 February 2016, Moody's downgraded
to Ba2 and Not Prime from Baa3 and Prime-3, long and short-term,
respectively, the global local currency issuer ratings assigned
to BNDES. At the same time, BNDES's foreign currency deposit
ratings were downgraded to Ba3 and Not-Prime from Baa3 and Prime-3,
long-term senior unsecured bond rating to Ba2 from Baa3,
and Brazilian national scale deposit rating to Aa2.br from Aaa.br.
Moody's also downgraded BNDES's baseline credit assessment (BCA) to ba2
from ba1. The rating action followed the downgrade of Brazil's
bond rating to Ba2, with a negative outlook, announced 24
February 2016. The outlook on the ratings was changed to negative,
in line with the negative outlook of the sovereign bond rating.
The last rating action on Banco Mercanitl do Brasil S.A.
(BMB) was on 5 February 2016, when Moody's downgraded its long-term
local- and foreign-currency deposit ratings to B3 from B2;
as well as its long-term Brazilian national scale deposit rating
to B1.br from Ba2.br, the long-term foreign
currency senior unsecured medium term note program to (P)B3 from (P)B2,
and the long-term foreign currency subordinated debt rating to
Caa1 from B3. At the same time, Moody's downgraded BMB's
baseline credit assessment (BCA) and adjusted BCA to b3 from b2,
and its long-term Counterparty Risk Assessment (CRA) to B2(cr)
from B1(cr). The short-term ratings and assessment were
affirmed and the outlook on the ratings remained negative.
The last rating action on Banco Pan S.A. was on 10 December
2015, when Moody's downgraded Pan's long-term
global local- and foreign-currency deposit ratings to B1
from Ba2; the senior unsecured MTN program (foreign currency) rating
to (P)B1 from(P)Ba2; the foreign currency subordinate debt rating
to B2 from Ba3; the long-term Brazilian national scale deposit
rating to Baa2.br from A1.br; and the short-term
Brazilian national scale deposit rating to BR-2 from BR-1.
At the same time, Pan's BCA was lowered to b2 from b1.
The short-term global local- and foreign-currency
deposit ratings of Not Prime were affirmed. The outlook on all
ratings remained stable.
The last rating action on Banco Paulista S.A. was on 24
October 2013, when Moody's downgraded the bank's BCA
to b2, as well as the long-term local- and foreign-currency
deposit ratings to B2, from B1, and the long-term Brazilian
national scale deposit rating to Baa3.br, from Baa2.br.
The outlook on all ratings remained stable.
The last rating action on Banco Pine S.A. was on 25 February
2016, Moody's downgraded Pine's long-term local and
foreign currency deposit ratings to B1 from Ba3 and the BCA to b1 from
ba3. At the same time, Pine's long-term Brazilian
national scale rating was also downgraded to Baa1.br , as
well as the foreign currency subordinated debt rating to B2 and the long-term
counterparty risk assessment to Ba3(cr). This rating action followed
the downgrade of Brazil's bond rating to Ba2, with negative outlook,
on 24 February 2016, and the resulting change of Brazil's macro
profile to Moderate from Moderate+, on 25 February 2016.
The short-term ratings remained unchanged. The outlook changed
to stable.
The last rating action on Banco PSA Finance Brasil S.A.
was on 25 February 2016, Moody's downgraded the foreign currency
deposit rating assigned to Banco PSA to Ba3, from Ba2, and
changed to negative the outlook on the rating. This rating action
followed the downgrade of Brazil's bond rating to Ba2, with negative
outlook, on 24 February 2016. All other ratings and assessments
were affirmed. The local currency deposit rating has a positive
outlook by the effect of the outlook at the parent's rating.
The last rating action on Banco Safra S.A. (Safra) was on
25 February 2016, Moody's downgraded all ratings assigned to Safra,
including the baseline credit assessment to ba2 from baa3, the long
and short-term local currency deposit ratings to Ba2/Not Prime,
from Baa3/Prime-3, as well as the Brazilian long-term
national scale deposit rating to Aa2.br. The short-term
national scale deposit rating remained at BR-1. The foreign
currency deposit ratings were also downgraded to Ba3 and Not Prime,
for long and short-term respectively. This rating action
followed the downgrade on Brazil's bond rating to Ba2, from Baa3,
which was placed on negative outlook.
The last rating action on Banco Santander (Brasil) S.A.
was on 25 February 2016, Moody's downgraded the bank's 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. This rating action followed the downgrade
of Brazil's bond rating and the changes in the country ceilings on 24
February 2016.
The last rating action on Banco Votorantim S.A. (BV) was
on 25 February 2016, Moody's downgraded BV's baseline credit
assessment (BCA) to ba3 from ba2, and also the local currency deposit
and senior debt ratings to Ba2 from Ba1.The foreign currency deposit
ratings was downgraded to Ba3, from Ba1, in line with the
downgrade of the ceiling for foreign currency deposits. The outlook
on the ratings is negative.
The last rating action on BRB - Banco Regional de Brasilia S.A.
(BRB) was on 25 February 2016 Moody's downgraded BRB's baseline
credit assessment (BCA) to b1 and its global scale long-term local
and foreign currency deposit ratings to B1 from Ba3.The short-term
ratings remained unchanged. The outlook on the ratings is stable.
The last rating action on Caixa Economica Federal (Caixa) was on 25 February
2016, Moody's downgraded all supported ratings assigned to Caixa
following the downgrade of Brazil's bond rating to Ba2/Negative.
The long and short-term local currency deposit ratings were downgraded
to Ba2/Not Prime, from Baa3/Prime-3, and the long-term
senior unsecured debt rating to Ba2, from Baa3. The foreign
currency deposit rating was downgraded to Ba3/Not Prime, long and
short-term, respectively, to the foreign currency deposit
ceiling of Ba3. The Brazilian long-term national scale deposit
rating was also downgraded to Aa2.br, from Aaa.br,
while the short-term were confirmed at BR-1. The
ratings were placed on negative outlook in line with the outlook on the
sovereign bond rating. At the same time, Caixa's baseline
credit assessment of ba3 remained unchanged, as well as the rating
assigned to its Tier 2 Basel III notes.
The last rating action on China Construction Bank (Brasil) S.A.
(CCB Brasil) was on 25 February 2016, Moody's downgraded CCB Brasil's
foreign currency bank deposit and senior debt ratings that were capped
by the country ceiling. This rating action followed the downgrade
of Brazil's bond rating and the changes in the country ceilings on 24
February 2016. All other ratings remained unchanged and have a
negative outlook.
The last rating action on Banco RCI Brasil S.A. (RCI Brasil)
was on March 31, 2016, when Moody's assigned ratings
to the new bank- entity created following the conversion of the
group's leasing company Companhia de Arrendamento Mercantil RCI
Brasil S.A into Banco RCI Brazil which incorporated the assets
and liabilities of the finance company Companhia de Credito, Financ.
e Investimento RCI Brasil S.A.. Moody's assigned
long and short-term global local currency deposit ratings of Ba1
and Not-Prime, respectively, to Banco RCI, long
and short-term foreign currency deposit ratings of Ba3 and Not-Prime,
as well as long- and short-term Brazilian national scale
deposit ratings of Aa1.br and BR-1. Moody's also
assigned a standalone baseline credit assessment (BCA) of ba3, an
adjusted BCA of ba1, to the bank, and counterparty risk assessments
of Baa3(cr) and Prime-3(cr), long and short-term respectively.
The outlook on the ratings is stable, expect on the long-term
foreign currency deposit Ba3, which has a negative outlook.
The last rating action on HSBC Bank Brasil S.A. -
Banco Multiplo's (HSBC Brasil) was on 25 February 2016, Moody's
downgraded HSBC Brazil's deposit and debt ratings, as well
as its baseline credit assessment (BCA) to ba2, from baa3.
The downgrade of HSBC Brazil's ratings followed the downgrade of Brazil's
bond rating to Ba2, from Baa3, announced 24 February 2016.
HSBC Brazil's ratings are constrained by the sovereign rating and/or are
capped by the country's ceilings which moved in tandem with the sovereign
rating. Moody's maintained the review for downgrade on all ratings.
The last rating action on Itau Unibanco S.A. (IU) was on
25 February 2016, Moody's downgraded all ratings and assessments
assigned to IU, including the BCA to ba2, the local currency
deposit rating to Ba2/Not Prime and the foreign currency deposit rating
to Ba3/Not Prime, for long and short-term respectively.
This rating action followed the downgrade of Brazil's bond rating to Ba2,
from Baa3 and the downgrade of the country's foreign currency deposit
ceiling to Ba3, from Baa3. All ratings have negative outlook
in line with the negative outlook of Brazil's bond rating.
The last rating action on Itau Unibanco Holding S.A. (IUH)
was on 25 February 2016, Moody's downgraded all ratings assigned
to IUH, including the local currency issuer rating to Ba3/Not Prime,
long and short-term respectively, which remained one notch
below the deposit rating of its main operating bank IU. The holding
company's senior unsecured and subordinated program ratings were
also downgraded to (P)Ba3. This rating action followed the downgrade
of Brazil's bond rating to Ba2, from Baa3. All ratings have
negative outlook in line with the negative outlook of Brazil's bond rating.
REGULATORY DISCLOSURES
Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_189783
for the List of Affected Credit Ratings. This list is an integral
part of this Press Release and provides, for each of the credit
ratings covered, Moody's disclosures on the following items:
• [Lead Analyst]
• [Methodology]
• [Releasing Office]
• [Person Approving the Credit Rating]
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 recalibrates Brazil's national rating scale and repositions national scale ratings of Brazilian banks and other financial institutions
