Madrid, May 28, 2015 -- Moody's Investors Service has today upgraded Novo Bancos S.A.'s baseline credit assessment (BCA) to caa2 from ca to reflect the bank's improved credit fundamentals compared with those of its predecessor Banco Espirito Santo S.A. (BES; unrated). Furthermore, Moody's has placed the B2 and B3 bank's long-term deposit and senior debt ratings on review with direction uncertain. The short-term deposit and senior debt ratings are unaffected by this rating action and remain at Not Prime.

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