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Rating Action:

MOODY'S ASSIGNS FIRST TIME FOREIGN CURRENCY DEPOSIT RATINGS AND NATIONAL SCALE RATINGS TO SIX URUGUAYAN BANKS

07 May 2002
MOODY'S ASSIGNS FIRST TIME FOREIGN CURRENCY DEPOSIT RATINGS AND NATIONAL SCALE RATINGS TO SIX URUGUAYAN BANKS

New York, May 07, 2002 -- Moody's Investors Service assigned new long-term foreign currency deposit ratings of Ba3, with negative outlook, to six Uruguayan banks. The ratings reflect the country's foreign currency ceiling for bank deposits. Moody's also assigned the banks National Scale Ratings ranging from Aaa.uy to Baa2.uy.

Moody's assigned a Ba3 rating to the long term foreign currency deposits of Banca Nazionale del Lavoro S.A. (Uruguay), Banco Santander S.A. (Uruguay), BankBoston, N.A. (Uruguay), Lloyds TSB bank plc (Uruguay), Banco A.C.A.C. S.A., and Banco Surinvest S.A. The Ba3 foreign currency ratings are constrained by Moody's country ceilings for Uruguay and thus also have a negative outlook as in the case of the country ceilings. The banks were also assigned short-term foreign currency deposit ratings of Not Prime.

The foreign currency deposit ratings are default ratings and encompass external support factors such as ownership and/or institutional support. The ratings assigned reflect their status as branches or subsidiaries of large international banks.

BankBoston, N.A. (Uruguay) is a full branch of BankBoston Corporation, subsidiary of FleetBoston Financial Corporation (A1/P-1), and Lloyd's TSB Bank plc (Uruguay) is a full branch of Lloyds TSB Bank plc (Aaa/P-1). Banco Santander S.A. (Uruguay) is a 100% subsidiary of Santander Central Hispano S.A. (Aa3/P-1) and Banca Nazionale del Lavoro S.A. (Uruguay) is a 100% owned subsidiary of Banca Nazionale del Lavoro S.p.A. (A2/P-1).

Banco A.C.A.C. S.A. is a majority controlled subsidiary of Credit Agricole SA (Aa1/P-1) and Banco Surinvest S.A.'s shareholder group is a consortium led by Rabobank Nederland (Aaa/P-1), the International Finance Corporation (Aaa/P-1), HSBC Holdings (subordinated debt at A1), and Uniao de Bancos Brasileiros S.A. (Unibanco, B2/NP).

Moody's also assigned National Scale Ratings of Aaa.uy through Baa2.uy to the banks, with the suffix ".uy" identifying the ratings as country specific. Moody's said that its National Scale Ratings are intended for use primarily by domestic investors in those countries where Moody's National Scale Ratings exist, such as Brazil, Mexico, Uruguay, and Bolivia and therefore serve to rank issuers in a particular country relative to each other.

The National Scale Ratings are not comparable to Moody's global ratings, which do not carry a country identification symbol. Specifically, a Aaa.uy ratings on Moody's Uruguay National Scale indicates an issuer or issue with the strongest domestic creditworthiness and the lowest likelihood of credit loss on local currency obligations relative to other local issuers or issues.

Moody's emphasized that National Scale Ratings are not opinions on absolute default risks. These national ratings do not address systemic risk or the expectation of loss associated with systemic events that could affect all issuers - even those that receive the highest ratings on the national scale.

Moody's assigned the following new ratings:

Banca Nazionale del Lavoro S.A. (Uruguay): long-term foreign currency deposit rating of Ba3, with negative outlook; short-term foreign currency deposit rating of Not Prime; and National Scale Rating of Aaa.uy

Banco A.C.A.C. S.A.: long-term foreign currency deposit rating of Ba3, with negative outlook; short-term foreign currency deposit rating of Not Prime; and National Scale Rating of Aa3.uy

Banco Santander S.A. (Uruguay): long-term foreign currency deposit rating of Ba3, with negative outlook; short-term foreign currency deposit rating of Not Prime; and National Scale Rating of Aaa.uy

Banco Surinvest S.A.: long-term foreign currency deposit rating of Ba3, with negative outlook; short-term foreign currency deposit rating of Not Prime; and National Scale Rating of Baa2.uy

BankBoston, N.A. (Uruguay): long-term foreign currency deposit rating of Ba3, with negative outlook; short-term foreign currency deposit rating of Not Prime; and National Scale Rating of Aaa.uy

Lloyds TSB Bank plc (Uruguay): long-term foreign currency deposit rating of Ba3 with negative outlook; short-term foreign currency deposit rating of Not Prime; and National Scale Rating of Aaa.uy

New York
Jeanne Del Casino
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Gregory W. Bauer
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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