Moody's cuts BM&FBovespa to Baa1

Moody's Investors Service said it downgraded BM&FBovespa SA's long-term local currency issuer rating to Baa1 from A3.

The agency also affirmed the senior unsecured foreign currency debt rating of Baa1 and the long-term Brazilian national scale rating of Aaa.br.

The outlook is stable.

The downgrade of BM&FBovespa's issuer rating reflects a number of key issues as part of Moody's ongoing review of issuers with ratings higher than the government rating of the country in which they are domiciled.

BM&FBovespa's linkage to the Brazilian government is evident in its role as a central counterparty via its clearing houses; BM&FBovespa holds more than 70% of its total collateral in the form of Brazilian government securities (Baa2 stable).

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