New York, October 31, 2016 -- Moody's Investors Service today upgraded the long-term Brazilian national scale deposit ratings to Baa2.br from Baa3.br. At the same time, Moody's affirmed Modal's short-term Brazilian national scale deposit rating of BR-3; the long-term local and foreign currency deposit ratings of B1; and its short-term local and foreign currency deposit ratings of 'Not Prime'. Moody's also affirmed the baseline credit assessment (BCA) and adjusted BCA of b1; and the long- and short-term counterparty risk assessments of Ba3(cr) and Not Prime (cr), respectively. The outlook remains stable.

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