Moody’s cuts Brazilian bank-related entities

Moody's America Latina said it downgraded the long-term global local currency issuer and debt ratings assigned to the following bank-related entities:

• Banco BBM SA: Long-term global local-currency senior unsecured debt rating to Ba2 from Baa3 with a negative outlook and long-term Brazilian national scale senior unsecured debt rating to Aa2.br from Aa1.br;

• Banco Daycoval SA: Long-term global local-currency senior unsecured debt rating to Ba2 from Baa3 with a negative outlook, long-term global local-currency senior unsecured MTN rating to provisional Ba2 from provisional Baa3, long-term Brazilian national scale senior unsecured debt rating to Aa2.br from Aa1.br and long-term Brazilian national scale senior unsecured MTN rating to Aa2.br from Aa1.br;

• Bndes Participacoes SA: Long-term global local-currency issuer rating to Ba2 from Baa3 with a negative outlook, long-term global local-currency senior unsecured debt rating to Ba2 from Baa3 with a negative outlook, long-term global local-currency senior unsecured MTN rating to provisional Ba2 from provisional Baa3, long-term Brazilian national scale issuer rating to Aa2.br from Aaa.br, long-term Brazilian national scale senior unsecured debt rating to Aa2.br from Aaa.br and long-term Brazilian national scale senior unsecured MTN rating to Aa2.br from Aaa.br;

• Itausa – Investimento Itau SA: Long-term global local-currency issuer rating to Ba3 from Ba1 with a negative outlook and long-term Brazilian national scale issuer rating to A2.br from Aa1.br; and

• Dibens Leasing SA Arrendamento Mercantil: Long-term global local-currency issuer rating to Ba2 from Baa3 with a negative outlook, long-term global local-currency senior unsecured MTN rating to provisional Ba2 from provisional Baa3, long-term global local-currency subordinate debt rating to Ba3 from Ba1, long-term global local-currency subordinate MTN rating to provisional Ba3 from Ba1, long-term Brazilian national scale issuer rating to Aa2.br from Aaa.br, long-term Brazilian national scale senior unsecured MTN rating to Aa2.br from Aaa.br, long-term Brazilian national scale subordinate debt rating to A2.br from Aa1.br and long-term Brazilian national scale subordinate MTN rating to A2.br from Aa1.br.

These rating actions were prompted by Moody's Investors Service’s downgrade of the deposit ratings of these banks or their respective affiliates, which in turn followed the downgrade of Brazil's bond rating. The affected entities all have close economic linkages to the sovereign.

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