DBRS Assigns Short-Term Rating to BES Luxembourg Branch

DBRS, Inc. (DBRS) has today assigned a Short-Term Instruments rating of R-2 (middle) to BES Luxembourg Branch. This rating has been placed Under Review with Negative Implications. This rating is subject to the maintenance of Banco Espírito Santo, S.A.’s Senior Long-Term Debt & Deposit rating of BBB (low) and Short-Term Debt & Deposit rating of R-2 (middle).

Notes:
All figures in Euros (EUR) unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations. Other methodologies used include the DBRS Criteria – Intrinsic and Support Assessments. Both can be found on the DBRS website under Methodologies.

The sources of information used for this rating include the issuer, SNL Financial, and DBRS rating for Banco Espírito Santo, S.A. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This credit rating has been issued outside the European Union (EU) and may be used for regulatory purposes by financial institutions in the EU.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: Roger Lister
Rating Committee Chair: Alan G. Reid
Initial Rating Date: 19 April 2011
Most Recent Rating Update: 24 May 2012

For additional information on this rating, please refer to the linking document under Related Research.