Sao Paulo, February 26, 2016 -- Moody's América Latina has downgraded to Ba1 from Baa3 (global scale, local currency) and to Aa1.br from Aaa.br (national scale) the ratings of the first series of the 14th issuance of agribusiness receivables certificates ("certificados de recebíveis do agronegócio" or CRA) issued by Gaia Agro Securitizadora S.A. (Gaia Agro, not rated), following the downgrade of the underlying agricultural production financial note ("cédula de produto rural financeira" or CPRF) to Ba1 from Baa3 (global scale, local currency) and to Aa1.br from Aaa.br (national scale).

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