DESENBAHIA - Ag de Fomento do Estado da Bahia -- Moody's downgrades Desenbahia's rating to Ba3; outlook remains negative

Sao Paulo, July 01, 2016 -- Moody's América Latina Ltda has today downgraded the supported ratings assigned to Desenbahia -- Agencia de Fomento do Estado da Bahia S.A. (Desenbahia), an entity owned by the government of Bahia. Moody's downgraded the long-term global local currency issuer rating to Ba3 from Ba2, and the long-term Brazilian national scale issuer rating to A2.br from Aa3.br. The baseline credit assessment (BCA) of Desenbahia remains unchanged at ba3 as well as the short-term ratings, both in global and national scale. The rating outlook remains negative.

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