» Rating BNDES 

	Moody's	S&P
Long Term Issue in Foreign Currency	Baa3	BBB-
Long Term Issue in Local Currency	A1	BBB+
Outlook	Stable	Stable

» Outstanding International Bonds 

Issue Year	Market	Principal (currency - million)	Coupon (%)	Maturity
1998	Euroliras	ITL 300,000	8%	04.28.2010
1998	Eurodollar/144-A	US$ 1,000	6.369%	16.06.2018 (a)
2001	Eurodollar	US$ 300	9.625%	12.12.2011

(a) As amended in June 2008.