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PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

 

Terms of One-Time Website Use

 

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

 

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

 

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

 

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

 

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Announcement:

Moody's Disclosures on Credit Rating of Banco Votorantim S.A.

12 Apr 2012

New York, April 12, 2012 -- The following release represents Moody's Investors Service's summary credit opinion on Banco Votorantim S.A. and includes certain regulatory disclosures regarding its ratings. This release does not constitute any change in Moody's ratings or rating rationale for Banco Votorantim S.A. and its affiliates.

Moody's current ratings on Banco Votorantim S.A. and its affiliates are:

Senior Unsecured (domestic and foreign currency) ratings of Baa1

Senior Unsecured MTN Program (foreign currency) ratings of (P)Baa1

Long Term Bank Deposits (domestic currency) ratings of A3, on review for downgrade

Long Term Bank Deposits (foreign currency) ratings of Baa2

Bank Financial Strength ratings of C-, on review for downgrade

Subordinate (foreign currency) ratings of Baa1, on review for downgrade

Short Term Bank Deposits (domestic and foreign currency) ratings of P-2

Other Short Term (foreign currency) ratings of (P)P-2

NSR Long Term Bank Deposits (domestic currency) ratings of Aaa.br

NSR Short Term Bank Deposits (domestic currency) ratings of BR-1

Banco Votorantim S.A. (Nassau Branch)

Senior Unsecured (foreign currency) ratings of Baa1

Senior Unsecured MTN Program (foreign currency) ratings of (P)Baa1

Other Short Term (foreign currency) ratings of (P)P-2

RATING RATIONALE

Moody's assigns Banco Votorantim S.A. (Banco Votorantim) a C- bank financial strength rating (under review for downgrade), which translates into a Baseline Risk Assessment of Baa2. The rating reflects Banco Votorantim's well-established position as a wholesale bank, catering to high-quality corporate customers, as well as the important consumer finance franchise that has improved the quality of the bank's earnings by increasing revenue stability and diversification over the last eight years. In addition, Banco Votorantim has developed a middle market lending platform that should help the bank to expand into better-yielding commercial lending products that are supported by strong collateral structures. At the same time, the expansion reduces the concentration risk inherent in its corporate lending book.

The ongoing adjustments to the bank's provisioning policies, which started in 2Q11, should continue to put pressure on profitability metrics. At the same time, we have a positive view of the recent actions management has taken to refocus its retail lending activities towards less volatile business lines and enhance the balance sheet by building additional reserves, maintaining high levels of liquidity, and exiting capital intensive businesses.

The unsupported rating still takes into account the challenges related to having a predominantly wholesale-funded consumer finance operation, a condition that heightens liquidity risk and also has a negative effect on profitability. Moody's, however, acknowledges that the partnership with Banco do Brasil, and its leading liquidity capacity, have been benefiting Banco Votorantim's funding conditions ever since the deal was announced, ensuring strong loan origination by the bank.

The A3 long-term global local currency deposit rating (under review for downgrade) is the result of (1) Banco Votorantim's unsupported rating of C- (under review), which translates into a baseline credit assessment of Baa2 and (2) Moody's view that the likelihood of the bank receiving support from Banco do Brasil S.A. (BB) is high, given the strategic importance of the partnership for BB's consumer finance expansion targets. Moody's does not incorporate any systemic support into the bank's ratings.

Rating Outlook

The BFSR and GLC ratings are currently under review for downgrade. Please see Recent Credit Developments for more details.

The outlook on the foreign currency deposit and senior unsecured debt ratings assigned to notes issued by Banco Votorantim S.A. Nassau Branch is stable, is stable.

What Could Change the Rating - Up

Any upward pressure on Banco Votorantim's BFSR and GLC ratings is currently unlikely given the existing review for downgrade.

What Could Change the Rating - Down

Severe deterioration in both asset quality and profitability indicators could pressure Banco Votorantim's unsupported BFSR, particularly if margins were to suffer from intense competition in the bank's targeted markets, or from lowered margins. Changes in asset / liability management or sustained decrease in total capital ratios without corrective action would also have negative implications for the ratings.

Other negative pressure on Banco Votorantim's supported ratings could ultimately result from the downgrade of its shareholder Banco do Brasil.

The methodologies used in these ratings were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: Global Methodology published in March 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

The Local Market analyst for these ratings is Ceres Lisboa, 55-11-3043-7317

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, 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 has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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.

Jeanne Del Casino
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Maria Celina Vansetti-Hutchins
MD - Banking
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Disclosures on Credit Rating of Banco Votorantim S.A.
No Related Data.
© 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.

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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 JPY550,000,000.

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

​
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