Moody’s changes 30 Brazilian banks to stable

Moody's Investors Service said it changed the outlooks of certain ratings of 30 Brazilian banks and their affiliates and the Brazilian stock and futures exchange BM&FBovespa SA to stable from negative and affirmed all the affected ratings.

These actions follow the March 15 outlook change on Brazil's government bond rating of Ba2.

Specifically, Moody's revised the outlooks on the issuer and local currency deposit and foreign currency senior unsecured debt ratings of 16 domestically-owned banks that are constrained by Brazil's sovereign rating, as well as those of several foreign-owned banks and BM&F Bovespa that are above the sovereign. It also changed the outlooks on the long-term global foreign currency deposit ratings that are capped by Brazil's Ba3 foreign currency deposit ceiling.

The following entities were affected: Banco ABC Brasil SA; Banco Alfa de Investimento SA; Banco BBM SA; Banco Bradesco SA and Banco Bradesco SA Cayman Branch; Banco BTG Pactual SA; Banco Cetelem SA; Banco Citibank SA; Banco Cooperativo Sicredi SA; Banco Daycoval SA; Banco do Brasil SA and Banco Do Brasil SA (Cayman); Banco do Estado de Sergipe SA; Banco do Estado do Para SA; Banco do Estado do Rio Grande do Sul SA; Banco do Nordeste do Brasil SA; Banco Ford SA; Banco GMAC SA; Banco Industrial do Brasil SA; Banco Mizuho do Brasil SA; Banco Nacional de Desenvolvimento Economico e Social – BNDES; Banco PSA Finance Brasil SA; Banco RCI Brasil SA; Banco Safra SA and Banco Safra SA (Cayman Branch); Banco Santander (Brasil) SA and Banco Santander (Brasil) SA - Cayman Branch; Banco Sofisa SA; Banco Votorantim SA and Banco Votorantim SA (Nassau Branch); Caixa Economica Federal; China Construction Bank (Brasil) SA; ING Bank NV - Sao Paulo; Itau Unibanco Holding SA and Itau Unibanco Holding SA (Cayman Islands) and Itau Unibanco SA and Itau Unibanco SA Cayman Branch.

In addition, Moody's America Latina changed the outlooks of the local currency debt and/or issuer ratings assigned to Banco BBM, Banco Daycoval SA, BNDES Participacoes SA - Bndespar, Itausa – Investimento Itau SA and BM&FBovespa SA to stable from negative.

At the same time, the agency affirmed all the affected ratings.

These actions follow the announcements by Moody's Investors Service that it changed the outlook on Brazil's Ba2 government bond rating to stable from negative and that it affirmed the baseline credit assessments of several of the affected entities.

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