At the same time, Moody's Latin America included in the review for posible downgrade the corresponding national scale ratings. All other ratings and outlooks for these issuers remain unaffected by these rating actions.

The rating actions reflect Moody's opinion that the global trend towards imposing losses on junior creditors in the context of future bank resolutions may reduce the predictability of such support being provided to holders of subordinated debt, as junior obligations are expected to absorb losses on behalf of senior creditors and depositors. This view is discussed in the special comment "Supported Bank Debt Ratings at Risk of Downgrade due to New Approaches to Bank Resolution," published in February 2011.

LIST OF AFFECTED RATINGS

The following subordinated debt ratings were placed on review today:

Banco Económico S.A. (Bolivia)

Long-term global foreign currency subordinated debt rating of B1

Long-term global foreign currency subordinated debt program rating of (P)B1

Long-term Bolivia National Scale foreign currency subordinated debt rating of Aa2.bo

Long-term Bolivia National Scale foreign currency subordinated debt program rating of Aa2.bo

Banco Ganadero S.A.

Long-term global local currency subordinated debt rating of B1

Long-term global foreign currency subordinated debt rating of B1

Long-term global foreign currency subordinated debt program rating of (P)B1

Long-term Bolivia National Scale local currency subordinated debt rating of Aa2.bo

Long-term Bolivia National Scale foreign currency subordinated debt rating of Aa2.bo

Long-term Bolivia National Scale foreign currency subordinated debt program rating of Aa2.bo

Banco Nacional de Bolivia S.A.

Long-term global foreign currency subordinated debt rating of Ba3

Long-term global foreign currency subordinated debt program rating of (P)Ba3

Long-term Bolivia National Scale foreign currency subordinated debt rating of Aa1.bo

Long-term Bolivia National Scale foreign currency subordinated debt program rating of Aa1.bo

Banco Solidario S.A. (Bolivia)

Long-term global local currency subordinated debt rating of Ba3

Long-term global local currency subordinated debt program rating of (P)Ba3

Long-term global foreign currency subordinated debt program rating of (P)Ba3

Long-term Bolivia National Scale local currency subordinated debt rating of Aa1.bo

Long-term Bolivia National Scale local currency subordinated debt program rating of Aa1.bo

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF308721 to access the List of the Affected Credit Ratings. This list is an integral part of this press release and identifies each affected issuer.

RATINGS RATIONALE

The review for downgrade on the Bolivian banks' subordinated debt ratings reflects Moody's revised approach to notching the ratings of these instruments from a bank's standalone credit assessment instead of from its supported deposit rating. Moody's currently incorporates one notch of systemic support in the subordinated debt ratings of the listed Bolivian banks.

During the rating review, Moody's will consider removing systemic support from these debt instruments, based on an assessment of the ability and the willingness of local regulators to impose losses on holders of subordinated debt outside a liquidation process.

Upon the conclusion of the review and in line with "Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt", published in November 2009, Moody's expects to position the ratings of subordinated debt one notch below the Adjusted Baseline Credit Assessment (Adjusted BCA) , which reflects a bank's stand-alone financial strength including parental and cooperative support.

Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

In addition to the information provided below please find on the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued each of the ratings.

Maria Valeria AzconeguiAsst Vice President - Analyst Financial Institutions Group Moody'sLatin America Ing. Butty 240 16th Floor Buenos Aires City C1001AFB Argentina JOURNALISTS: (800) 666 -3506 SUBSCRIBERS: (5411) 5129 2600 Maria Celina Vansetti-Hutchins MD - Banking Financial Institutions Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Latin America Ing. Butty 240 16th Floor Buenos Aires City C1001AFB Argentina JOURNALISTS: (800) 666 -3506 SUBSCRIBERS: (5411) 5129 2600 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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