Moody's rates Espirito Santo notes Baa1

Moody's Investors Service said it assigned provisional Baa1 senior debt, Baa2 subordinated debt, Ba3 undated deeply subordinated debt and Prime-2 short-term debt ratings to the €2 billion euro medium-term note program of Espirito Santo Financial Group SA and ESFIL - Espirito Santo Financiere SA.

All ratings are currently on review for possible downgrade.

The previous rating action on the company took place on July 14, 2010, when Moody's downgraded its long-term rating to Baa1 from A3 and its senior subordinated debt rating to Baa2, negative outlook from Baa1 on review for possible downgrade.

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