BES Investimento do Brasil S.A. Assigned 'BBB-/brAAA' Ratings; Outlook Stable Jan 10

Standard & Poors, January 2010

Abstract
BESI Brasil is a strategically important subsidiary of Banco Espirito Santo Investimentos S.A. We are assigning our 'BBB-/A-3' global scale and 'brAAA/brA-1' national rating scale ratings to BESI Brasil with a stable outlook. We expect BESI Brasil to post stronger recurring income in 2010, and to receive support from its shareholders. SAO PAULO (Standard & Poor's) Jan. 19, 2010--Standard and Poor's Ratings Services assigned its 'BBB-/A-3' global scale and 'brAAA/brA-1' national rating scale ratings to BES Investimento do Brasil S.A. (BESI Brasil). The outlook is stable. The ratings on BESI Brasil reflect its status as a a strategically important subsidiary of Portugal-based Banco Espirito Santo de Investimento S.A. (BESI) itself a subsidiary of Banco Espirito Santo S.A. "This strong ownership...

Companies mentioned in this report are:
- BES Investimento do Brasil
- Banco Espirito Santo S.A.
- Banco Bradesco S.A.
- Banco Espirito Santo de Investimento S.A.

Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- BES Investimento do Brasil
- Banco Espirito Santo S.A.
- Banco Bradesco S.A.
- Banco Espirito Santo de Investimento S.A.

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