New York, April 10, 2015 -- Moody's Investors Service downgraded Banco Pine S.A.'s (Pine) long-term global local and foreign currency deposit ratings and long-term foreign currency senior unsecured debt rating to Ba3 from Ba2, as well as its long-term foreign-currency subordinated debt rating to B1 from Ba3. Pine's Brazilian national scale deposit ratings were also downgraded to A3.br and BR-2, from A1.br and BR-1, long- and short-term, respectively. The downgrades were driven by a decision to lower Pine's baseline credit assessment (BCA) to ba3, from ba2. The short-term global local and foreign currency deposit ratings of Not Prime were not affected by this rating action. The outlook on the long-term ratings is negative.

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