London, 14 July 2014 -- Moody's Investors Service has today downgraded to Ba1 from Baa2 on review for downgrade, the ratings of the mortgage covered bonds issued by Banco Espirito Santo, S.A. (the issuer/BES). The ratings on the mortgage covered bonds remain on review for downgrade, which, in turn, corresponds with the continued review for downgrade of BES's B2 deposits ratings.
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