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Rating Action:

MOODY'S INITIATES FOREIGN CURRENCY DEPOSIT RATING FOR TEN BRAZILIAN BANKS AT B1; ASSIGNS BANK FINANCIAL STRENGTH RATINGS RANGING FROM C+ TO D

27 Dec 1995
MOODY'S INITIATES FOREIGN CURRENCY DEPOSIT RATING FOR TEN BRAZILIAN BANKS AT B1; ASSIGNS BANK FINANCIAL STRENGTH RATINGS RANGING FROM C+ TO D New York, 12-27-95 -- Moody's Investors Service has assigned B1 ratings to the bonds of 10 Brazilian banks. Moody's also rated these banks for their long-term foreign currency deposit obligations at B2 and for their short-term foreign currency deposit obligations at Not Prime. In addition, the rating agency issued Bank Financial Strength Ratings ranging from C+ to D for these banks.
Moody's stated that its Bank Financial Strength Ratings (BFSR) are intended to provide investors with a measure of a bank's "intrinsic safety and soundness" on a strict legal-entity basis. As such, the BFSR ratings exclude most external credit risks as well as external credit supports.
The BFSR rating scale ranges from a possible A ("exceptional") for the strongest institutions in very attractive and stable operating environments to E ("very weak") for banks characterized by one or more of three factors: franchises of little value; or financial fundamentals that may be seriously deficient in one or more respects; or a highly risky or unstable operating environment. Unlike Moody's traditional credit ratings, BFSRs are not intended to measure the true risk of credit loss.
Banco Itau, with June 30, 1995 assets of US$19.4 billion, is rated B2 and Not Prime for long- and short-term foreign currency deposit obligations. These ratings are constrained by the sovereign ceiling in Brazil. The bank's Financial Strength Rating is C+. Banco Itau has no bonds currently outstanding, therefore Moody's has not assigned a bond rating. Banco Itau is one of the premier banks in Brazil in terms of franchise, technology, and management quality. The bank demonstrates solid asset quality, good core profitability, and a level of efficiency which is better than its peers.
Banco Bozano Simonsen, with assets of US$3.7 billion as of June 30, 1995, is rated B1 for bonds, and B2 and Not Prime for long- and short-term foreign currency deposit obligations, respectively. The bank's Financial Strength Rating is D+. Bozano Simonsen is a wholesale bank which, in addition to its normal lending business, has strong niches in asset management and corporate finance advisory, particularly with respect to privatizations. The bank is also active in proprietary trading for FX, money markets and precious metals. Asset quality is very good due to an aggressive charge-off policy and a shrinking credit portfolio. Profitability is good, though securities income is somewhat erratic and most of the bank's profits are channelled through financial subsidiaries.
Banco Boavista, with assets of US$3.2 billion at June 30, 1995, is rated B1 for bonds, and B2 and Not Prime for long- and short-term foreign currency deposit obligations respectively. The bank is rated D for BFSR. Banco Boavista is a medium-size bank with 50 branches primarily in the south and southeast, and significant treasury and middle-market corporate business. Moody's said that, although Banco Boavista has been extremely profitable recently, this situation reflects potentially volatile treasury positioning. Non-performing loans are higher than many peers, but reserve coverage is good. Capitalization is adequate, but lower than many peers.
Banco Itamarati, with US$1.9 billion in assets as of June 30, 1995, is rated B1 for bonds and B2 and Not Prime for long- and short-term foreign currency deposit obligations, respectively. The bank's Financial Strength Rating is D+. The bank focuses on large- and medium-size corporate customers to deliver treasury, credit and investment banking services. The bank's asset management activities benefit from a partnership with NM Rothschild. The bank has grown significantly in the past 10 years; most recently, the bank has acquired Crefisul from Citibank. Asset quality has suffered somewhat this year, but the bank is very well capitalized and consistently profitable.
Banco Pontual, with June 30, 1995 assets of US$1.5 billion, is rated B1 for bonds and B2 and Not Prime for long- and short-term foreign currency obligations respectively. The bank is rated D+ for BFSR. Pontual, owned by Grupo Empesca, focuses on credit, with an emphasis on building up its corporate finance and international business. It has completed the integration of Digibanco, and recently purchased Continental Bank (formerly owned by Bank of America) in conjunction with UBB. Asset quality and capitalization are adequate, and the bank has significantly improved its ability to generate fee income.
Excel Banco, with total assets of US$1.5 billion at June 30, 1995, is rated B1 for bonds and B2 and Not Prime for long- and short-term foreign currency deposit obligations respectively. The bank's financial strength rating is D, and it is on review for possible upgrade. The review will focus on the structure and impact of the probable acquisition of Banco Economico assets by Excel Bancol. This acquisition could enhance Excel's franchise, by extending its branch network throughout the country, but also raises issues of the pro forma balance sheet strength of the larger organization. Excel's credit portfolio has deteriorated more rapidly than many during 1995, and the bank has allowed its reserve coverage to decrease sharply. The bank is well capitalized.
Banco Icatu, with US$970 million in assets as of June 30, 1995, is rated B1 for bonds and B2 and Not Prime for long- and short-term foreign currency obligations respectively. The bank's Financial Strength Rating is D+. Banco Icatu is primarily a trading house, active in fixed income, equity, and interest rate markets; Banco Icatu has a large portfolio of funds under management and under advisory contracts, and it is able to cover its fixed costs through fee income. Capitalization is very strong, providing some protection against possible trading losses, and its low level of operating expenses enhances its earnings outlook.
Banco Pactual, with June 30, 1995 assets of US$880 million, is rated B1 for bonds and B2 and Not Prime for long- and short-term foreign currency obligations respectively. The bank is rated D+ for BFSR. Banco Pactual specializes in trading on its own behalf and offering a variety of asset management and corporate finance services to its customers. The bank is structured as a partnership, with its owners participating in all aspects of the bank's day-to-day management. This inherent risk control factor is a strong complement to the bank's institutionalized control mechanisms. The bank is extremely well capitalized, cushioning it against market losses, and its small loan portfolio is of good quality.
Banco Inter-Atlantico, with assets of US$664 million at June 30, 1995, is rated B1 for bonds and B2 and Not Prime for long- and short-term foreign currency obligations respectively. The bank is rated D+ for BFSR. Inter-Atlantico is a wholesale bank offering credit, foreign trade and investment banking services to upper middle market companies in the south and southeast. Inter-Atlantico is owned by the Monteiro Aranha Group, Caisse National de Credit Agricole of France, and the Espirito Santo Group of Portugal. The bank has a good quality credit portfolio and good capitalization. Asset quality and reserve coverage are extremely good, and capitalization is strong.
Banco AGF Braseg, the combined entity of Banco AGF and Banco Braseg, is rated B1 for bonds and B2 and Not Prime for long- and short-term foreign currency obligations respectively. The bank's financial strength rating is D. The combined bank would have had assets of US$445 million as of June 30, 1995. The bank emphasizes treasury operations in the fixed income, public securities, CD and swaps areas. It also works with large corporations and banks in foreign trade and interbank lending. The combined bank is well capitalized and profitable, and its asset quality is good.

The following ratings were assigned:
Banco Itau -- ratings of the bank for long-term foreign currency deposits of B2; short-term foreign currency deposits of Not Prime; and a Bank Financial Strength Rating of C+.
Banco Bozano Simonsen -- ratings of the bank for bonds of B1; long-term foreign currency deposits of B2; short-term foreign currency deposits of Not Prime; and a Bank Financial Strength Rating of D+.
Banco Boavista -- ratings of the bank for bonds of B1; long-term foreign currency deposits of B2; short-term foreign currency deposits of Not Prime; and a Bank Financial Strength Rating of D.
Banco Itamarati -- ratings of the bank for bonds of B1; long-term foreign currency deposits of B2; short-term foreign currency deposits of Not Prime; and a Bank Financial Strength Rating of D+.
Banco Pontual -- ratings of the bank for bonds of B1; long-term foreign currency deposits of B2; short-term foreign currency deposits of Not Prime; and a Bank Financial Strength Rating of D+.
Excel Banco -- ratings of the bank for bonds of B1; long-term foreign currency deposits of B2; short-term foreign currency deposits of Not Prime; and a Bank Financial Strength Rating of D, on review for possible upgrade.
Banco Icatu -- ratings of the bank for bonds of B1; long-term foreign currency deposits of B2; short-term foreign currency deposits of Not Prime; and a Bank Financial Strength Rating of D+.
Banco Pactual -- ratings of the bank for bonds of B1; long-term foreign currency deposits of B2; short-term foreign currency deposits of Not Prime; and a Bank Financial Strength Rating of D+.
Banco Inter-Atlantico -- ratings of the bank for bonds of B1; long-term foreign currency deposits of B2; short-term foreign currency deposits of Not Prime; and a Bank Financial Strength Rating of D+.
Banco AGF Braseg -- ratings of the bank for bonds of B1; long-term foreign currency deposits of B2; short-term foreign currency deposits of Not Prime; and a Bank Financial Strength Rating of D.

No Related Data.
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CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S 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. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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