BES Investimento do Brasil S.A. -- Moody's downgrades BESl Brazil's ratings; reviews for further downgrade

New York, August 22, 2014 -- Moody's Investors Service today lowered BES Investimento do Brasil S.A.'s (BESI) baseline credit assessment (BCA) to b2 from b1 (equivalent to an E+ standalone bank financial strength rating). At the same time, it downgraded BESI's long-term global local- and foreign-currency deposit ratings to B2 from B1; and long- and short-term Brazilian national scale deposit ratings to Ba2.br from Baa2.br, and to BR-4 from BR-3, respectively. In addition, Moody's affirmed the short-term global local- and foreign-currency deposit ratings of Not Prime. The ratings remain on review for downgrade, with the exception of the Not Prime short-term debt and deposit ratings.

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