Sao Paulo, April 28, 2014 -- Moody's Investors Service today affirmed all ratings assigned to BES Investimento do Brasil S.A. ("BESI"), including the D- financial strength rating (BFSR), which maps to a ba3 baseline credit assessment in the global rating scale; the Ba3 and Not Prime long- and short-term global local and foreign currency deposit ratings; and the A2.br and BR-1 long- and short-term national scale deposit ratings on the Brazilian national scale. The outlook on all ratings was changed to stable from negative.
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