New York, January 26, 2015 -- Moody's Investors Service lowered Banco Pine S.A.'s (Pine) baseline credit assessment (BCA) to ba2, from ba1, and downgraded its bank financial strength rating (BFSR) to D, from D+. Moody's also downgraded Pine's long-term global local and foreign currency deposit ratings and long-term foreign currency senior unsecured debt rating to Ba2, from Ba1, as well as its long-term foreign currency subordinated debt rating to Ba3, from Ba2. Pine's long-term Brazilian national scale deposit rating was also downgraded to A1.br, from Aa2.br. At the same time, Moody's placed Pine's BFSR, BCA and long-term deposit and debt ratings on review for further downgrade. The short-term global local and foreign currency deposit ratings of Not Prime and the short-term Brazilian national scale deposit rating of BR-1 were not affected by this rating action.

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