Sao Paulo, February 25, 2016 -- Moody's America Latina has today downgraded the long-term global local currency issuer and debt ratings assigned to Banco BBM S.A., Banco Daycoval S.A., BNDES Participações S.A. (BNDESPar), Itausa -- Investimentos Itau S.A. and Dibens Leasing S.A. -- Arrendamento Mercantil, including the local currency subordinated debt ratings assigned to the outstanding debentures issued by BFB Leasing S.A. -- Arrendamento Mercantil and Itaúbank Leasing S.A. -- Arrendamento Mercantil, all of which are assumed by Dibens Leasing S.A. -- Arrendamento Mercantil. The outlook on these ratings is negative.

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