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ING Bank N.V. - Sao Paulo -- Moody's withdraws ING Bank N.V. - Sao Paulo's ratings

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Rating Action: Moody's withdraws ING Bank N.V. - Sao Paulo's ratingsGlobal Credit Research - 30 Mar 2021New York, March 30, 2021 -- Moody's Investors Service, ("Moody's") has today withdrawn all ratings and assessments assigned to ING Bank N.V. - Sao Paulo (ING Brazil). Before the withdrawal, the outlook on the deposit ratings was stable.Withdrawals:..Issuer: ING Bank N.V. - Sao Paulo.... LT Counterparty Risk Assessment, Withdrawn, previously rated Baa1(cr).... ST Counterparty Risk Assessment, Withdrawn, previously rated P-2(cr).... LT foreign currency Counterparty Risk Ratings, Withdrawn, previously rated Baa2.... ST foreign currency Counterparty Risk Ratings, Withdrawn, previously rated P-2.... LT domestic currency Counterparty Risk Ratings, Withdrawn, previously rated Baa1.... ST domestic currency Counterparty Risk Ratings, Withdrawn, previously rated P-2.... LT NSR Counterparty Risk Rating, Withdrawn, previously rated Aaa.br.... ST NSR Counterparty Risk Rating, Withdrawn, previously rated BR-1.... LT foreign currency Deposit Ratings, Withdrawn, previously rated Baa2; outlook changed to Ratings Withdrawn from Stable.... ST foreign currency Deposit Ratings, Withdrawn, previously rated P-2.... LT domestic currency Deposit Ratings, Withdrawn, previously rated Baa1; outlook changed to Ratings Withdrawn from Stable.... ST domestic currency Deposit Ratings, Withdrawn, previously rated P-2.... LT NSR Deposit Rating, Withdrawn, previously rated Aaa.br.... ST NSR Deposit Rating, Withdrawn, previously rated BR-1Outlook Actions:..Issuer: ING Bank N.V. -- Sao Paulo....Outlook, Changed To Ratings Withdrawn From StableRATINGS RATIONALEMoody's has decided to withdraw the ratings for its own business reasons. Please refer to the Moody's Investors Service Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in May 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings". While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons, please see https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1216309.ING Brazil is headquartered in Sao Paulo, Brazil, with assets of BRL57.8 billion and shareholders' equity of BRL0.7 billion as of 30 June 2020.REGULATORY DISCLOSURESFor any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Farooq Khan Asst Vice President - Analyst Financial Institutions Group Moody's America Latina Ltda. Avenida Nacoes Unidas, 12.551 16th Floor, Room 1601 Sao Paulo, SP 04578-903 Brazil JOURNALISTS: 0 800 891 2518 Client Service: 1 212 553 1653 M. Celina Vansetti-Hutchins MD - Banking Financial Institutions Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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