DBRS Withdraws Ratings on Espírito Santo Financial Group

DBRS Inc. (DBRS) has today withdrawn its ratings on Espírito Santo Financial Group (ESFG or the Group). The decision to withdraw the ratings was made at DBRS’s discretion following ESFG’s announcement on October 9, 2014 that its Board of Directors has resolved to file for bankruptcy. This announcement came after the Luxembourg district court turned down the Group’s application for controlled management on October 3, 2014.

The last rating action taken by DBRS on ESFG’s ratings was undertaken on July 25, 2014. At this time, DBRS downgraded the Group’s ratings, including its Senior Long-Term Debt rating to D from CC (low) and its Short-Term Instruments rating to D from R-5.

Notes:
All figures are in EUR unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (June 2014). Other methodologies used include the DBRS Criteria: Support Assessment for Banks and Banking Organisations (January 2014) and DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (December 2013). These can be found can be found at: http://www.dbrs.com/about/methodologies

The primary sources of information used for this rating include company documents and SNL Financial. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

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

Lead Analyst: Lisa Kwasnowski
Rating Committee Chair: Alan G. Reid
Initial Rating Date: April 20, 2011
Most Recent Rating Update: July 25, 2014

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