Banco Daycoval S.A. Exhibit 1 Rating Scorecard - Key financial ratios 2% 1.9% Asset Risk: Problem Loans/ Loans

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1 CREDIT OPINION 13 April 218 Banco Daycoval S.A. Update following the sovereign rating action Update Summary On 1 April 218, the existing ratings and assessments assigned to Banco Daycoval S.A. (Daycoval) were affirmed and the outlook was changed to stable, from negative, following the outlook change to stable, from negative, on Brazil's sovereign rating announced on 9 April 218. RATINGS Banco Daycoval S.A. Domicile Sao Paulo, Sao Paulo, Brazil Long Term Debt Type Senior Unsecured - Fgn Curr Outlook Stable Long Term Deposit Ba3 Type LT Bank Deposits - Fgn Curr Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Ceres Lisboa Senior Vice President ceres.lisboa@moodys.com Alexandre Albuquerque VP-Senior Analyst alexandre.albuquerque@moodys.com Daycoval's Baseline Credit Assessment (BCA) reflects the bank's (1) consistent earnings generation and disciplined risk profile, which support a track record of stable performance; (2) relatively low concentration risk, supported by high reserve buffers; and (3) low leverage ratios, with higher levels of capital and cash buffers than other medium-sized banks specialized in commercial lending in Brazil. The ratings are strained by a still challenging asset-risk scenario and the lagging effect of recession on companies' earnings structure and liquidity conditions, which remain weak. Under these macroeconomic conditions, Daycoval remains conservative toward asset expansion and business volumes are likely to continue to be restrictive in the next few quarters. The bank has maintained stable performance and efficient risk guidelines through the cycles, and in case the economic recovery does not accelerate, we could see a prolonged scenario of high credit costs affecting profitability. However, Daycoval's loan book comprised 63.7% of loans to small and mediumsized companies and an additional 32% for payroll loans as of year-end 217. This risk diversification and high capitalization could continue to help the bank address credit risk. Exhibit 1 Rating Scorecard - Key financial ratios Banco Daycoval (BCA: ) Median -rated banks 14% 12% 1% 8% 6% 4% Rafael B Amaral Associate Analyst rafael.amaral@moodys.com Aaron Freedman Associate Managing Director aaron.freedman@moodys.com CLIENT SERVICES Americas Asia Pacific Japan EMEA % 1.3% 12.7% 1.9% 39.2% 18.6% Asset Risk: Problem Loans/ Gross Loans Capital: Tangible Common Equity/Risk-Weighted Assets Profitability: Net Income/ Tangible Assets Funding Structure: Market Funds/ Tangible Banking Assets Liquid Resources: Liquid Banking Assets/Tangible Banking Assets % Solvency Factors (LHS) Source: Moody's Financial Metrics Liquidity Factors (RHS) 45% 4% 35% 3% 25% 2% 15% 1% 5% %

2 Credit strengths» Traditional lender to small and medium-sized companies, with a highly regarded management team and strong risk governance» Stability in the core earnings stream and strong capital ratios» Diversified funding structure, which supports the expansion of the retail portfolio (longer tenor), avoiding tenor mismatches Credit challenges» Improving, but still-challenging, economic environment, which will continue to exert pressure on asset risk despite the bank s high reserves and conservative collateral management» Limited capacity for improving scale in an industry in which competition is intensifying, which will challenge margins Outlook Since 1 April 218, all ratings have a stable outlook. Daycoval's deposit ratings are at the same level as that of Brazil's sovereign bond rating, and, therefore, the outlook is in line with the outlook on Brazil's sovereign bond rating. Factors that could lead to an upgrade There is no upward pressure at the moment because Daycoval's ratings are now constrained by the sovereign bond rating of. An upgrade of Brazil's bond rating would likely have upward pressure on the bank's BCA and on its deposit ratings. Factors that could lead to a downgrade Negative rating pressure would arise if the sovereign bond rating is downgraded because the bank's BCA is at the same level as that of Brazil's sovereign rating. Pressure on the standalone assessment could result from a deterioration in asset quality, combined with a significant reduction in earnings that could arise from rapid deterioration in the bank's small and medium-sized enterprise loan book, or from increasing borrower concentration risk. Significant loan growth could particularly compromise the bank's capital structure and asset-quality indicators, whose preservation is key at this rating level, could also hurt its ratings. Key indicators Exhibit 2 Banco Daycoval S.A. (Consolidated Financials) [1] Total Assets (BRL billion) Total Assets (USD billion) Tangible Common Equity (BRL billion) Tangible Common Equity (USD billion) Problem Loans / Gross Loans (%) Tangible Common Equity / Risk Weighted Assets (%) Problem Loans / (Tangible Common Equity + Loan Loss Reserve) (%) Net Interest Margin (%) PPI / Average RWA (%) Net Income / Tangible Assets (%) Cost / Income Ratio (%) Market Funds / Tangible Banking Assets (%) Liquid Banking Assets / Tangible Banking Assets (%) Gross Loans / Due to Customers (%) CAGR/Avg [1] All figures and ratios are adjusted using Moody's standard adjustments. [2] Basel III - fully-loaded or transitional phase-in; LOCAL GAAP. [3] May include rounding differences due to scale of reported amounts. [4] Compound Annual Growth Rate (%) based on time period presented for the latest accounting regime. [5] Simple average of periods presented for the latest accounting regime. [6] Simple average of Basel III periods presented. Source: Moody's Financial Metrics This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on for the most updated credit rating action information and rating history April 218

3 Detailed credit considerations Delinquencies improved to historically low levels, but reserve coverage will remain high until macro conditions prove sustainable Our assigned score for asset risk at ba1 takes into consideration an improved, but sensitive, risk scenario, still strained by the weak earnings and liquidity conditions of companies, particularly small and medium-sized enterprises (SMEs), and a very gradual economic recovery expected in 218. However, we acknowledge Daycoval's stringent risk control on guarantees backing credit activities and conservative credit management that supported manageable asset-quality metrics over the past three years. Daycoval's nonperforming loans peaked in September 216, with 9-days-overdue loans, including the principal plus interests, reaching 4.9% of total loans, but declining to 2.9% as of year-end 217, in line with the level reported in December 217. Improvement in the quality of the portfolio is illustrated by the decline in charge-offs in 217, which stood at 2.6%, almost half of the 4.4% of losses in the previous year. The bank's asset risks are mitigated by its rigid collateralization structure, which provides high recovery potential. The bank maintains conservative levels of reserves against losses, which accounted for 6.1% of total loans in 217, remaining above its 4.1% average between 21 and 214 before the economic recession. In 217, Daycoval's total loans increased by 9.6%, resulting from strong growth in its SME portfolio, owing to the bank's strategy to take advantage of the low risk appetite of other banks in the SME lending segment, which is the bank's core business. Meanwhile, payroll and vehicle loans contracted by 3.9% and 3.5%, respectively, in the same period. The expansion of SME loans also reflects the recovery of credit demand, supported by a lower interest rate scenario and low inflation. However, the bank maintains a cautious risk appetite, backing new loan origination with a strong collateral structure and maintaining the short-term nature of the loans that would allow the bank to rapidly reduce in case of an unexpected turn in macro conditions. Daycoval has a more diversified portfolio than some of its medium-sized peers, with 35% of the portfolio composed of payroll loans, a lower-risk product that helped mitigate the weak earnings conditions of the SME segment. Current growth in the SME portfolio is not a change in Daycoval's strategy, but a reflection of opportunities as the economy gradually recovers. According to management, consumer credit, including payroll loans, is expected to decline and stabilize at 3% of the loan book in the long term. Low leverage enhances the bank's loss-absorption capacity compared with that of its peers We assess the Capitalization score at ba1, which reflects Daycoval's low leverage compared with that of its peers, with a loan book representing 4.6x of its equity base in 217, slightly down from 5.1x in 216. The diversification of the portfolio provided some support to earnings consistency because the bank was able to manage specific portfolio risks by exploring opportunities in different cycles, thereby maintaining consistent revenue generation. The adequate capitalization level sustained by the bank also reflects the conservative risk guidelines pursued by management, providing strong absorption capacity in times of stress. As of December 217, the bank reported fully loaded Basel III Tier 1 equity of 14.9% (9.25% minimum requirement) and our tangible common equity ratio of 12.1%, adjusted to apply a 1% risk-weighting factor to its government securities holdings and partial credit to the deferred tax assets related to provisions for loan losses, according to our standard adjustments considered for Brazilian banks. Good performance in 217, but margins are under pressure Daycoval has a history of strong recurring earnings generation, although over the past three years, performance has been affected by low business volumes and high credit costs, similar to other banks in Brazil. In 217, performance reflected increased fee-based income from services, lower credit costs, down by 11.1% in the 12 months ended December, and a decline in funding costs, resulting from a sharp decline in the domestic benchmark interest rates SELIC in the period over the amount of floating rates or inflation-linked funds. These cost reductions compensated the relative pressure on net interest margins that, as reported by Daycoval, remained relatively stable, above 11% since 213. While we expect Daycoval's credit costs to remain relatively flat in 218, compared with 217's levels, and despite the more favorable risk environment, we expect margins to be strained in the next few quarters by lower interest rates, still-moderate loan growth and increasing competition toward the end of 218. The short-term nature of the loans, 5% of the loans to SMEs maturing in 9 days, tend to be re-priced at lower rates and faster than the bank's liabilities (381 days) because funding is largely at a fixed rate (foreign-currency issuances and local bonds). Other pressures will come from lower gains from securities trading and a more competitive lending scenario as other banks, including the largest lenders, gradually resume growth. Although these factors add 3 13 April 218

4 negative implications to the bank's future earnings generation, we expect them to be partially offset by high business volumes and an increase in recoveries. Liquidity management is an intrinsic vulnerability, despite a diversified funding mix We acknowledge that Daycoval has vigilant liquidity management and funding diversification that support business expansion and the lengthening of the portfolio. As a niche bank, however, Daycoval is largely exposed to a highly confidence-sensitive wholesale funding mix, an intrinsic feature of medium-sized institutions. To address this negative driver, management has been focusing its efforts on replacing short-term funding with medium-term funding sources, such as local capital market issuances of local-currency bank notes (letras financeiras). As of December 217, local-currency bank notes accounted for 37% of total resources, while in 214 these funds accounted for 28% of the funding mix, and foreign-currency bonds accounted for an additional 24% (1% in 217). Deposits and deposit-like instruments as bank notes linked to agribusiness loans and to mortgage loans (LCA and LIC, respectively) were 39% of total funds, with a small participation from retail investors of less than 4%. However, while Daycoval's strategic efforts focus on enhancing funding granularity, market-based resources represented 43.5% of the bank's funding base in 217, an intrinsic feature of medium-sized banks despite efforts to increase the number of retail deposits by offering a digital investment platform and providing support through a local deposit insurance guarantee. Bank notes represented 35.8% of total funding. To overcome this structure, Daycoval has focused on enhancing its liquidity profile by being a frequent issuer of two- and three-year tenor bank notes. In April 218, the bank issued its sixth tranche of bank notes for a total amount of $5 million, with maturities in 22 and 221. These resources will support the maturity of a senior unsecured note in March 219. Daycoval's cash liquidity has always been comfortably high compared with that of other medium-sized banks. Historically, the bank has maintained a conservative approach toward cash liquidity. In December 217, the bank had BRL3.3 billion in cash liquidity that corresponded to 13.9% of total assets and roughly 65% of total deposits. However, we see liquidity management as a continuing challenge that will require management to continue to look for a more diversified funding structure and longer tenor alternatives as it defends its market position in a more competitive environment. Daycoval's scores are influenced by the Moderate- Macro Profile of Brazil Brazil's Moderate- Macro Profile reflects the country's large and diversified economy, balanced against its weak economic performance following two years of recession and the difficult political scenario that together increase challenges for Brazilian banks' operating environment. The pace of loan growth reduced significantly in 216, and falling inflation has resulted in monetary policy easing. However, banks remain reluctant to reduce lending rates, which has relieved part of the earnings pressure arising from asset risks. Although public banks hold a 56% share of total loans in Brazil, loan growth at these lenders has slowed significantly since mid-216 under more prudent government guidelines, which we expect to remain in place, and which will help to reduce pricing and tenor distortions. Capital and funding remain adequate, and exposure to the international capital markets will remain low. External vulnerability is also limited by Brazil's sizable international reserves, which reduce the country's sensitivity to external shocks, such as sudden stops in capital flows. The change in the Macro Profile to Moderate- occurred in June 217 (previously at Moderate), and resulted from the increased political risk that affected the Banking Country Risk component, a key driver in our Macro Profile assessment. By lowering Brazil's Macro Profile to Moderate-, the factor scores used in assessing banks' individual financial profiles, and, thus, to define the BCA, are compressed at lower levels. Support and structural considerations Government support In our opinion, Daycoval would not be eligible for systemic support in light of its modest presence in the retail deposits market, added to the fact that Brazil is a low-support country. Hence, we assigned a global local-currency deposit rating of for Daycoval; there is no uplift from the bank's BCA. However, in our view, the bank counts on the track record of commitment and the conservative earnings retention policy of the main shareholder, the Dayan family, if necessary. Counterparty Risk (CR) Assessment CR Assessments are opinions of how counterparty obligations are likely to be treated if a bank fails and are distinct from debt and deposit ratings in that they (1) consider only the risk of default rather than both the likelihood of default and the expected financial loss 4 13 April 218

5 suffered in the event of default, and (2) apply to counterparty obligations and contractual commitments rather than debt or deposit instruments. The CR Assessment is an opinion of the counterparty risk related to a bank s covered bonds, contractual performance obligations (servicing), derivatives (for example, swaps), letters of credit, guarantees and liquidity facilities. Daycoval's CR Assessment is positioned at Ba1(CR)/Not Prime(CR) The CR Assessment of Ba1(cr) is one notch above the Adjusted BCA of based on our view that senior obligations represented by the CR Assessment will be more likely preserved than senior unsecured debt to minimize losses, avoid disruption of critical functions and limit contagion. The CR Assessment reflects an issuer's probability of defaulting on certain operating liabilities and other contractual commitments that are less likely to be subject to the application of a resolution tool to ensure the continuity of operations. About Moody's Bank Scorecard Our scorecard is designed to capture, express and explain in summary form our Rating Committee's judgment. When read in conjunction with our research, a fulsome presentation of our judgment is expressed. As a result, the output of our scorecard may materially differ from that suggested by raw data alone (though it has been calibrated to avoid the frequent need for strong divergence). The scorecard output and the individual scores are discussed in rating committees and may be adjusted up or down to reflect conditions specific to each rated entity April 218

6 Rating methodology and scorecard factors Exhibit 3 Banco Daycoval S.A. Macro Factors Weighted Macro Profile Moderate - Factor 1% Historic Macro Ratio Adjusted Score Solvency Asset Risk Problem Loans / Gross Loans Credit Trend Assigned Score Key driver #1 Key driver #2 1.1% baa2 ba1 Collateral and provisioning coverage Capital TCE / RWA 12.2% ba1 ba1 Profitability Net Income / Tangible Assets 2.% baa1 baa2 Earnings quality Combined Solvency Score Liquidity Funding Structure Market Funds / Tangible Banking Assets baa3 44.9% b3 b3 Liquid Resources Liquid Banking Assets / Tangible Banking Assets 18.8% ba3 ba3 Combined Liquidity Score Financial Profile Business Diversification Opacity and Complexity Corporate Behavior Total Qualitative Adjustments Sovereign or Affiliate constraint: Scorecard Calculated BCA range Assigned BCA Affiliate Support notching Adjusted BCA Instrument class Counterparty Risk Assessment Deposits Senior unsecured bank debt ba1 b2 Loss Given Failure notching 1 b2 ba1-ba3 Additional Preliminary Rating Notching Assessment ba1 (cr) Government Support notching Local Currency Rating Ba1 (cr) Foreign Currency Rating -Ba3 Source: Moody's Financial Metrics 6 13 April 218

7 Ratings Exhibit 4 Category BANCO DAYCOVAL S.A. Outlook Bank Deposits -Fgn Curr Bank Deposits -Dom Curr NSR Bank Deposits Baseline Credit Assessment Adjusted Baseline Credit Assessment Counterparty Risk Assessment Senior Unsecured NSR Senior Unsecured Moody's Rating Stable Ba3/NP /NP Aa2.br/BR-1 Ba1(cr)/NP(cr) Aa2.br Source: Moody's Investors Service 7 13 April 218

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9 CLIENT SERVICES 9 Americas Asia Pacific Japan EMEA April 218