Moody's downgrades ratings on BV Financeira -- FIDC I senior shares; ratings placed on review for further downgrade

Sao Paulo, November 06, 2014 -- Moody's América Latina Ltda. has downgraded the ratings of the senior shares issued by BV Financeira -- Fundo de Investimento em Direitos Creditórios I (FIDC BV I) to Ba1 (sf) from Baa2 (sf) on (Global Scale, Local Currency) and to Aa2.br (sf) from Aaa.br (sf) (National Scale, Local Currency) and placed on review for further possible downgrade. The rating action primarily reflects (1) the uncertainty around the future performance of the pool of auto loans backing FIDC BV I given the lack of reliable, verified vintage portfolio performance information to support Moody's assumptions about their future performance and (2) the likelihood that the current high level of credit enhancement could erode if the FIDC BV I continues to purchase new auto loan receivables in the fund and to issue additional senior shares.

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