Madrid, July 11, 2014 -- Moody's Investors Service has today downgraded the long-term debt ratings of Banco Espirito Santo S.A. (BES) to B3 from Ba3 and the long-term deposit ratings to B2 from Ba3, following the downgrade of the bank's standalone bank financial strength rating (BFSR) to E (equivalent to a ca baseline credit assessment) from E+/b1. The bank's long-term debt and deposit ratings remain on review for downgrade and the short-term ratings are affirmed at Not Prime.

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