From: Daniel Sabba

From: Daniel Sabba To: "'Jeffrey E."' <[email protected]> CC: Vahe Stepanian , Vahe Stepanian , "'Richard Kahn"' Subject: FW: Brazil Cut to Junk by [C] Date: Wed, 09 Sep 2015 22:22:49 +0000 Arian D Todd Stevens , Paul Morris Classification: Confidential Jeffrey - please see below. This has been prepared solely for informational purposes. It is not an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. It is based on information generally available to the public from sources believed to be reliable. No representation is made that it is accurate or complete or that any returns indicated will be achieved. Changes to assumptions may have a material impact on any returns detailed. Past performance is not indicative of future returns. Price and availability are subject to change without notice. Additional information is available upon request. BN 09/09 21:52 *BRAZIL CUT TO JUNK BY S&P BN 09/09 21:51 *S&P: BRAZIL (FEDERATIVE REPUBLIC OF) TO BB+/NEGATIVE FROM BBB-/ Brazil Cut to Junk by S&P 2015-09-09 21:53:08.24 GMT By Ryan Lovdahl (Bloomberg) -- Outlook negative. Link to Company News: (1323Z BZ <Equity> CN <GO>) For Related News and Information: First Word scrolling panel: {FIRST<GO>} First Word newswire: {NH BFW<GO>} To contact the editor responsible for this story: Ryan Lovdahl at Or --+ This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is EFTA00650697 strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA00650698