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Moody's affirms BM&FBOVESPA following Cetip deal announcement

Moody's on April 13 affirmed ' long-term local currency issuer rating and long-termsenior unsecured foreign currency debt rating at Ba1.

The outlook on the ratings remains negative.

The action follows the merger recently reached between theBrazilian stock exchange operator and Cetip SA – Mercados Organizados.

Moody's acknowledged that the deal will further enhanceBM&FBOVESPA's dominant position as the integrated exchange, depositary andclearing service provider in the Brazilian financial market and relative tocompetitive threats.

The combined company will have total gross revenues of 3.8billion Brazilian reais, of which BM&FBOVESPA will contribute 64% and Cetip36%, and their high margins will result in EBITDA relative to net revenues ofabout 70%, the rating agency noted.

Furthermore, the strong cash generation of the combinedcompany, which is estimated to exceed 2.0 billion reais per year, coupled withexpectations that capital expenditures will remain low, provide a meaningfulfinancial flexibility to handle higher leverage ratios should the deal's termspromptBM&FBOVESPA to raise higher-than-expected debt.

As of April 12, US$1was equivalent to 3.52 Brazilian reais.