On Feb. 3, 2009, Standard&Poor's Ratings Services revised its outlook on Banco Espirito Santo Investimento S.A. (BESI) to negative from stable, following the same action on the parent, Banco Espirito Santo, S.A. (BES; A/Negative/A-1). At the same time, the 'A' long-term and 'A-1' short-term counterparty credit ratings on BESI were affirmed. For further details on our outlook revision on BES, see our research update "Portuguese Banco Espirito Santo Outlook To Negative On Expected Downward Pressures On Profitability And Asset Quality" published today on RatingsDirect. At their current level, the ratings on BESI reflect the bank's core status and integration within BES, with whom its ratings are equalized. They also benefit from BESI's strong position in investment banking in
