We have revised our outlook to negative from stable on the foreign and local currency ratings on the Federative Republic of Brazil following slow GDP growth and continued expansionary fiscal policy risk which has weakened Brazil's financial profile. We are revising the outlook to negative from stable on 11 Brazilian financial services companies. The negative outlook reflects the one-in-three probability of a downgrade on these entities in the next two years. On June 7, 2013, Standard&Poor's Ratings Services revised the outlook to negative from stable on the global scale ratings on 11 financial services companies following the identical outlook revision on the Federative Republic of Brazil. At the same time, we affirmed the long-term and short-term ratings on
