Banco Bradesco S.A. -- Moody's downgrades HSBC Brazil's supported ratings and affirms Bradesco's ratings; outlook remains negative

New York, June 14, 2016 -- Moody's Investors Service has today downgraded HSBC Bank Brasil S.A. -- Banco Múltiplo's (HSBC Brazil) long- and short-term global local currency deposit ratings to Ba2/Not Prime from Baa3/Prime-3, long-term foreign currency senior unsecured debt rating to (P)Ba2 from (P)Ba1, and long-term Brazilian national scale deposit rating to Aa1.br from Aaa.br. Moody's also confirmed HSBC Brazil's baseline credit assessment at ba2 and long-term foreign currency deposit rating at Ba3. At the same time, Moody's affirmed the bank's Not Prime short-term foreign currency deposit and debt rating , as well as the BR-1 short-term Brazilian national scale deposit rating. The adjusted BCA assigned to HSBC Brazil was lowered to ba2, from baa3, as support from HSBC Holding (A1 Negative) is no longer incorporated, following final regulatory approval to complete the sale of its operations to Banco Bradesco S.A. (Bradesco). The outlook assigned to HSBC Brazil is negative.

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