Novo Banco, S.A. -- Moody's assigns B3 senior debt and B2 deposit ratings to Novo Banco; ratings on review for downgrade

Madrid, August 12, 2014 -- Moody's Investors Service has today assigned debt, deposit ratings and a standalone bank financial strength rating (BFSR) to the newly established Portuguese entity Novo Banco, S.A., in response to the transfer of the majority of assets, liabilities and off-balance sheet items from Banco Espirito Santo, S.A. (BES), together with the banking activities of this bank. The following ratings have been assigned: (1) long- and short-term deposit ratings of B2/Not-Prime; (2) a standalone BFSR of E (equivalent to a ca baseline credit assessment [BCA]).

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