Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Você está prestes a deixar o site local do Brasil e será direcionado ao site global. Deseja continuar?
Não exibir esta mensagem novamente
Sim
Não
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:
​​

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.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

Moody's Latin America takes action on Argentine financial institutions' ratings; outlook negative

 The document has been translated in other languages

07 Apr 2020

NOTE: On August 10, 2020, the press release was corrected as follows: In the debt list, under Confirmations for ICBC (Argentina) S.A., removed "Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at Caa1, Negative from Ratings Under Review" and "NSR Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at Baa3.ar, Negative from Ratings Under Review." Revised release follows.

Buenos Aires City, April 07, 2020 -- Moody's Latin America ACR S.A. has today downgraded the global scale long-term foreign currency deposit and debt ratings of 22 banks and finance companies. Moody's confirmed the global scale long-term local currency deposit and debt ratings of 21 financial institutions and downgraded the local currency deposit and debt ratings of two banks. Moody's also lowered the baseline credit assessment (BCA) and adjusted baseline credit assessment of 20 banks. The ratings outlook on all financial institutions is now negative. This action concludes the review for downgrade initiated by Moody's on September 4, 2019.

The rating actions follow the announcement by Moody's Investors Service, published on 3 April 2020, that it had concluded its review on the ratings and downgraded Government of Argentina's government bond rating to Ca, from Caa2, changing the outlook to negative. Moody's also lowered Argentina's country ceilings for debt and deposits. For additional information, please refer to the related press release: "Moody's downgrades Argentina to Ca, changes outlook to negative" (https://www.moodys.com/research/Moodys-downgrades-Argentina-to-Ca-changes-outlook-to-negative--PR_419595).

RATINGS RATIONALE

DOWNGRADE OF FOREIGN CURRENCY RATINGS AND BCAs

The downgrade of the foreign currency deposit ratings to Ca is driven by the lowering of Argentina's country ceiling for foreign currency deposits to Ca, from Caa2, which in turn derives from the sovereign debt downgrade to Ca. In downgrading the foreign currency debt ratings to Ca, despite a foreign currency bond ceiling at Caa3, Moody's acknowledges the expectation that, in the event the banks face restrictions or are unable to respond to withdrawals of foreign currency deposits, they will likely face problems to also honor their foreign currency debt obligations. The foreign currency country ceilings reflect potential transfer and convertibility risks, which could include restrictions on moving foreign exchange offshore, as well as restrictions on freely converting local currency to foreign currency in order to pay debt, or even deposit freezes.

As Argentina's government initiates the process of restructuring its market debt held by private investors, it is Moody's expectation that a combination of extension of maturities, lower interest rates and reductions on principal will drive substantial losses to investors, which will likely be consistent with a Ca rating, and typically captures losses between 35% and 65%.

Consequently, in order to reflect the risks, we have lowered the BCAs of all rated banks to ca, in line with Argentina's government debt rating, to reflect the high correlation between the sovereign and banks' creditworthiness. The adjusted BCAs of local subsidiaries of foreign banks - which capture elements of affiliate support - were lowered to caa3, and continue to incorporate one notch of uplift from the banks' respective BCAs, indicating Moody's assessment of the likelihood that the foreign subsidiaries would receive support from its parent banks in the event of stress.

CONFIRMATION OF LOCAL CURRENCY RATINGS

The confirmation of the local currency deposit and debt ratings of 21 financial institutions at their current levels despite the downgrade of their respective BCAs, reflects our view that the credit risk of their local currency obligations, though still significant, is lower than that of their foreign currency obligations. The potential negative events captured by the Ca foreign currency deposit ceiling would particularly affect foreign currency obligations, and we therefore believe local currency ratings remain adequately positioned at the Caa rating level. The main drivers of the differentiation between banks' local currency ratings and the sovereign rating is derived from the fact that banks' direct exposure to sovereign debt, while not negligible at less than 40% of their tangible common equity on average, would not by itself mean that the sovereign default will drive bank defaults.

However, banks' indirect exposures to Argentine sovereign risk remain significant and are the main drivers for the Caa-range ratings. The high underlying inter-linkages between the banks' standalone credit risk profiles and that of the sovereign are driven by their sizable exposures to central bank debt and central bank deposits, and the severe impact of the sovereign debt crisis on banks' operating environment. The latter imposes rising risks on banks' asset quality and profitability as business volumes remain low, companies and households' repayment capacity weakens in the context of continued economic recession, high inflation and rising unemployment. In January 2020, the average problem loans of Argentine banks were 6.0% of gross loans, up from 3.1% as of 2018 year-end and 1.8% in 2017. Reserve coverage of problem loans has also deteriorated to 88% from 112% and 139% in the same period.

Partly offsetting the risks, Argentine banks currently hold sizeable liquidity buffers, which represent about half of their assets, and moderate capital positions. Additionally, Argentine banks have a limited exposure to foreign currency funding risk and their overall market funding exposure is low, as their funding is mainly sourced from local currency deposits.

The downgrade of Banco Hipotecario S.A.'s local currency deposit rating to Caa3, from Caa2, was driven by the sovereign debt rating downgrade, as the previous rating of Banco Hipotecario S.A. benefitted from one-notch uplift from its BCA due to our assumption of high probability of government support. BNP Paribas (Argentina)'s, as a full branch of BNP Paribas (Aa3 stable, baa1), does not have a BCA and its ratings are currently constrained by the country ceilings. Therefore, its local currency deposit rating was downgraded to Caa1, from B2, in line with the lowering of the local currency deposit country ceiling to Caa1.

In addition, after confirming Banco de Servicios Financieros S.A.'s (BSF) local currency ratings and downgrading its foreign currency ratings, Moody's will subsequently withdraw all of BSF's ratings. Moody's has withdrawn the ratings in accordance with local regulatory requirements following the termination of the rating agreement at the request of the issuer. Please refer to the Moody's Latin America Agente de Calificación de Riesgo Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.ar.

NATIONAL SCALE RATINGS

Moody's noted that because of the confirmation of 21 entities' global scale local currency ratings, their corresponding local currency national scale ratings (NSR) were also confirmed at their current levels. The only two exceptions were Banco Hipotecario S.A. and BNP Paribas (Argentina), whose global scale local currency ratings were downgraded and, therefore, their local currency NSRs were also downgraded. In addition, all 22 entities that had their global scale foreign currency ratings downgraded to Ca, also had their corresponding foreign currency NSRs downgraded to Ca.ar.

NEGATIVE OUTLOOK

The negative outlook on Argentina's financial institutions reflects the negative outlook on the sovereign, as their ratings remain constrained by the sovereign ratings and country ceilings. It also incorporates the risk of more negative economic scenarios, including the tail risk of a disorderly government debt restructuring that would weaken financial conditions impacting banks' fundamentals. More importantly, the coronavirus pandemic, which we consider a social factor under Moody's ESG framework, will only compound the already deep economic and budgetary challenges facing the government, and the weak economic conditions, which we expect will significantly affect financial institutions' asset quality and profitability. Today's action reflects the impact on Argentine financial institutions of the breadth and severity of the shock, and the deterioration in credit quality it has triggered.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade is unlikely for banks in Argentina due to the negative outlook and the fact that their ratings are constrained by the sovereign rating and country ceilings of Argentina, which now carry a negative outlook. A downgrade could be driven by further downgrade of Argentine sovereign ratings, by further deterioration in the country's operating environment, and/or a higher-than-expected deterioration of the financial institutions' asset quality, which could lead to material decline in profitability levels, and thus, capital ratios, reducing their loss-absorption capacity amidst a highly negative credit cycle.

METHODOLOGIES

The principal Rating Procedure Manual used in assigning these ratings was the Procedures Manual for Rating of Deposits, Debt Instruments, Counterparty Obligations and Shares of Financial Institutions published in September 2018. Please see the Manuales de Procedimientos page on www.moodys.com.ar for a copy of this document. These ratings are consistent with those assigned or maintained elsewhere under the methodology Banks Methodology published in November 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1147865, Finance Companies Methodology published in November 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1187099, Captive Finance Subsidiaries of Nonfinancial Corporations published in August 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1183459, and Securities Industry Service Providers Methodology published in November 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1187116. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in May 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings". While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons, please see https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1216309.

..Issuer: Banco Comafi S.A.

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to ca from caa2

.... Baseline Credit Assessment, Downgraded to ca from caa2

.... Counterparty Risk Assessment, Downgraded to Caa2(cr) from Caa1(cr)

....Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to (P)Ca from (P)Caa2

....NSR Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to Ca.ar from B2.ar

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B2.ar, Negative from Ratings Under Review

Confirmations:

....Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at (P)Caa2

....NSR Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at B2.ar

....LT Bank Deposits (Local Currency), Confirmed at Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Confirmed at B2.ar, Negative from Ratings Under Review

Affirmations

....ST Bank Deposits (Local Currency), Affirmed at NP

....ST Bank Deposits (Foreign Currency), Affirmed at NP

....ST Counterparty Risk Assessment, Affirmed at NP(cr)

Outlook Actions:

..Issuer: Banco Comafi S.A.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Banco de Galicia y Buenos Aires S.A.U.

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to ca from caa2

.... Baseline Credit Assessment, Downgraded to ca from caa2

....LT Counterparty Risk Assessment, Downgraded to Caa2(cr) from Caa1(cr)

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B1.ar, Negative from Ratings Under Review

Confirmations:

....LT Bank Deposits (Local Currency), Confirmed at Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits Deposits (Local Currency), Confirmed at B1.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Bank Deposits (Foreign Currency), Affirmed NP

....ST Bank Deposits (Local Currency), Affirmed NP

Outlook Actions:

..Issuer: Banco de Galicia y Buenos Aires S.A.U.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Banco de la Ciudad de Buenos Aires

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to caa3 from caa2

.... Baseline Credit Assessment, Downgraded to ca from caa2

.... Counterparty Risk Assessment, Downgraded to Caa2(cr) from Caa1(cr)

....NSR Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to Ca.ar from B1.ar

....Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to (P)Ca from (P)Caa2

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B1.ar, Negative from Ratings Under Review

Confirmations:

....Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at (P)Caa2

....NSR Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at B1.ar

....Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at Caa2, Negative from Ratings Under Review

....NSR Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at B1.ar, Negative from Ratings Under Review

....LT Bank Deposits (Local Currency), Confirmed at Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Confirmed at B1.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Bank Deposits (Local Currency), Affirmed NP

....ST Bank Deposits (Foreign Currency), Affirmed NP

Outlook Actions:

..Issuer: Banco de la Ciudad de Buenos Aires

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Banco de la Provincia de Cordoba S.A.

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to ca from caa2

.... Baseline Credit Assessment, Downgraded to ca from caa2

....LT Counterparty Risk Assessment, Downgraded to Caa2(cr) from Caa1(cr)

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B1.ar, Negative from Ratings Under Review

Confirmations:

....LT Bank Deposits (Local Currency), Confirmed at Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Confirmed at B1.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Bank Deposits (Local Currency), Affirmed NP

....ST Bank Deposits (Foreign Currency), Affirmed NP

Outlook Actions:

..Issuer: Banco de la Provincia de Cordoba S.A.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Banco de Servicios Financieros S.A.

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to caa3 from caa2

.... Baseline Credit Assessment, Downgraded to ca from caa3

....LT Counterparty Risk Assessment, Downgraded to Caa2(cr) from Caa1(cr)

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B2.ar, Negative from Ratings Under Review

Confirmations:

....LT Bank Deposits (Local Currency), Confirmed at Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Confirmed at B2.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Bank Deposits (Local Currency), Affirmed NP

....ST Bank Deposits (Foreign Currency), Affirmed NP

Outlook Actions:

..Issuer: Banco de Servicios Financieros S.A.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Banco de Valores S.A.

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to ca from caa2

.... Baseline Credit Assessment, Downgraded to ca from caa2

....LT Counterparty Risk Assessment, Downgraded to Caa2(cr) from Caa1(cr)

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B1.ar, Negative from Ratings Under Review

Confirmations:

....LT Bank Deposits (Local Currency), Confirmed at Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Confirmed at B1.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Bank Deposits (Local Currency), Affirmed NP

....ST Bank Deposits (Foreign Currency), Affirmed NP

Outlook Actions:

..Issuer: Banco de Valores S.A.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Banco Hipotecario S.A.

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to ca from caa3

.... Baseline Credit Assessment, Downgraded to ca from caa3

....LT Counterparty Risk Assessment, Downgraded to Caa3(cr) from Caa2(cr)

....NSR Senior Unsecured Regular Bond/Debenture (Foreign Currency), Downgraded to Ca.ar from B3.ar, Negative from Ratings Under Review

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....LT Bank Deposits (Local Currency), Downgraded to Caa3 from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B3.ar, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Downgraded to Caa1.ar from B3.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Bank Deposits (Foreign Currency), Affirmed NP

....ST Bank Deposits (Local Currency), Affirmed NP

Outlook Actions:

..Issuer: Banco Hipotecario S.A.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Banco Itau Argentina S.A.

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to caa3 from caa1

.... Baseline Credit Assessment, Downgraded to ca from caa2

....LT Counterparty Risk Assessment, Downgraded to Caa1(cr) from B3(cr)

....Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to (P)Ca from (P)Caa1

....NSR Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to Ca.ar from Baa3.ar

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B1.ar, Negative from Ratings Under Review

Confirmations:

....NSR Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at Baa3.ar

....Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at (P)Caa1

....LT Bank Deposits (Local Currency), Confirmed at Caa1, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Confirmed at Baa3.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Bank Deposits (Foreign Currency), Affirmed NP

....ST Bank Deposits (Local Currency), Affirmed NP

Outlook Actions:

..Issuer: Banco Itau Argentina S.A.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Banco Macro S.A.

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to ca from caa2

.... Baseline Credit Assessment, Downgraded to ca from caa2

....LT Counterparty Risk Assessment, Downgraded to Caa2(cr) from Caa1(cr)

....NSR Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to Ca.ar from B1.ar

....NSR Senior Unsecured Regular Bond/Debenture (Foreign Currency), Downgraded to Ca.ar from B1.ar, Negative from Ratings Under Review

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B1.ar, Negative from Ratings Under Review

Confirmations:

....NSR Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at B1.ar

....Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at Caa2, Negative from Ratings Under Review

....NSR Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at B1.ar, Negative from Ratings Under Review

....LT Bank Deposits (Local Currency), Confirmed at Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Confirmed at B1.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Bank Deposits (Foreign Currency), Affirmed NP

....ST Bank Deposits (Local Currency), Affirmed NP

Outlook Actions:

..Issuer: Banco Macro S.A.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Banco Patagonia S.A.

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to caa3 from caa1

.... Baseline Credit Assessment, Downgraded to ca from caa2

....LT Counterparty Risk Assessment, Downgraded to Caa1(cr) from B3(cr)

....Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to (P)Ca from (P)Caa1

....NSR Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to Ca.ar from Baa3.ar

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B1.ar, Negative from Ratings Under Review

Confirmations:

....NSR Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at Baa3.ar

....Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at (P)Caa1

....Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at Caa1, Negative from Ratings Under Review

....NSR Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at Baa3.ar, Negative from Ratings Under Review

....LT Bank Deposits (Local Currency), Confirmed at Caa1, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Confirmed at Baa3.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Bank Deposits Deposit Rating (Local Currency), Affirmed NP

....ST Bank Deposits (Foreign Currency), Affirmed NP

Outlook Actions:

..Issuer: Banco Patagonia S.A.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Banco Piano S.A.

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to ca from caa2

.... Baseline Credit Assessment, Downgraded to ca from caa2

....LT Counterparty Risk Assessment, Downgraded to Caa2(cr) from Caa1(cr)

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B3.ar, Negative from Ratings Under Review

Confirmations:

....LT Bank Deposits (Local Currency), Confirmed at Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Confirmed at B3.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Bank Deposits (Local Currency), Affirmed NP

....ST Bank Deposits (Foreign Currency), Affirmed NP

Outlook Actions:

..Issuer: Banco Piano S.A.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Banco Rioja Sociedad Anonima Unipersonal

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to ca from caa2

.... Baseline Credit Assessment, Downgraded to ca from caa2

....LT Counterparty Risk Assessment, Downgraded to Caa2(cr) from Caa1(cr)

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B1.ar, Negative from Ratings Under Review

Confirmations:

....LT Bank Deposits (Local Currency), Confirmed at Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Confirmed at B1.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Bank Deposits (Foreign Currency), Affirmed NP

....ST Bank Deposits (Local Currency), Affirmed NP

Outlook Actions:

..Issuer: Banco Rioja Sociedad Anonima Unipersonal

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Banco Santander Rio S.A.

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to caa3 from caa1

.... Baseline Credit Assessment, Downgraded to ca from caa2

....LT Counterparty Risk Assessment, Downgraded to Caa1(cr) from B3(cr)

....Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to (P)Ca from (P)Caa1

....NSR Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to Ca.ar from Baa3.ar

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B1.ar, Negative from Ratings Under Review

Confirmations:

....NSR Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at Baa3.ar

....Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at (P)Caa1

....Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at Caa1, Negative from Ratings Under Review

....NSR Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at Baa3.ar, Negative from Ratings Under Review

....LT Bank Deposits (Local Currency), Confirmed at Caa1, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Confirmed at Baa3.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Deposit Rating (Foreign Currency), Affirmed NP

....ST Deposit Rating (Local Currency), Affirmed NP

Outlook Actions:

..Issuer: Banco Santander Rio S.A.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Banco Supervielle S.A.

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to ca from caa2

.... Baseline Credit Assessment, Downgraded to ca from caa2

....LT Counterparty Risk Assessment, Downgraded to Caa2(cr) from Caa1(cr)

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B2.ar, Negative from Ratings Under Review

Confirmations:

....LT Bank Deposits (Local Currency), Confirmed at Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Confirmed at B2.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Bank Deposits (Local Currency), Affirmed NP

....ST Bank Deposits (Foreign Currency), Affirmed NP

Outlook Actions:

..Issuer: Banco Supervielle S.A.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: BNP Paribas (Argentina)

Downgrades

....LT Counterparty Risk Assessment, Downgraded to Caa1(cr) from B2(cr)

....LT Bank Deposits (Local Currency), Downgraded to Caa1 from B2, Negative from Ratings Under Review

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B1.ar, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Downgraded to Baa3.ar from A2.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Bank Deposits (Foreign Currency), Affirmed NP

....ST Bank Deposits (Local Currency), Affirmed NP

Outlook Actions:

..Issuer: BNP Paribas (Argentina)

....Outlook, Changed To Negative From Rating Under Review

..Issuer: GPAT Compania Financiera S.A.U.

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to caa3 from caa2

.... Baseline Credit Assessment, Downgraded to ca from caa3

....LT Counterparty Risk Assessment, Downgraded to Caa2(cr) from Caa1(cr)

....NSR Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to Ca.ar from B2.ar

....Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to (P)Ca from (P)Caa2

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B2.ar, Negative from Ratings Under Review

Confirmations:

....NSR Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at B2.ar

....Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at (P)Caa2

....Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at Caa2, Negative from Ratings Under Review

....NSR Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at B2.ar, Negative from Ratings Under Review

....LT Bank Deposits (Local Currency), Confirmed at Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Confirmed at B2.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Bank Deposits (Local Currency), Affirmed NP

....ST Bank Deposits (Foreign Currency), Affirmed NP

Outlook Actions:

..Issuer: GPAT Compania Financiera S.A.U.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: HSBC Bank Argentina S.A.

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to caa3 from caa1

.... Baseline Credit Assessment, Downgraded to ca from caa2

....LT Counterparty Risk Assessment, Downgraded to Caa1(cr) from B3(cr)

....Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to (P)Ca from (P)Caa1

....NSR Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to Ca.ar from Baa3.ar

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B1.ar, Negative from Ratings Under Review

Confirmations:

....NSR Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at Baa3.ar

....Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at (P)Caa1

....Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at Caa1, Negative from Ratings Under Review

....NSR Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at Baa3.ar, Negative from Ratings Under Review

....LT Bank Deposits (Local Currency), Confirmed at Caa1, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Confirmed at Baa3.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Bank Deposits (Local Currency), Affirmed NP

....ST Bank Deposits (Foreign Currency), Affirmed NP

Outlook Actions:

..Issuer: HSBC Bank Argentina S.A.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: ICBC (Argentina) S.A.

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to caa3 from caa1

.... Baseline Credit Assessment, Downgraded to ca from caa2

....LT Counterparty Risk Assessment, Downgraded to Caa1(cr) from B3(cr)

....Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to (P)Ca from (P)Caa1

....NSR Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to Ca.ar from Baa3.ar

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B1.ar, Negative from Ratings Under Review

Confirmations:

....NSR Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at Baa3.ar

....Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at (P)Caa1

....LT Bank Deposits (Local Currency), Confirmed at Caa1, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Confirmed at Baa3.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Bank Deposits (Local Currency), Affirmed NP

....ST Bank Deposits (Foreign Currency), Affirmed NP

Outlook Actions:

..Issuer: ICBC (Argentina) S.A.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: John Deere Credit Compania Financiera S.A.

Downgrades:

....Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to (P)Ca from (P)Caa1

....NSR Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to Ca.ar from Baa3.ar

....Senior Unsecured Regular Bond/Debenture (Foreign Currency), Downgraded to Ca from Caa1

....NSR Senior Unsecured Regular Bond/Debenture (Foreign Currency), Downgraded to Ca.ar from Baa3.ar

Confirmations:

.... Corporate Family Rating, Confirmed at Caa1

....NSR Corporate Family Rating, Confirmed at Baa3.ar

....NSR Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at Baa3.ar

....Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at (P)Caa1

Outlook Actions:

..Issuer: John Deere Credit Compania Financiera S.A.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Matba Rofex S.A.

Confirmations:

....LT Issuer Rating (Local Currency), Confirmed at Caa2

....NSR LT Issuer Rating (Local Currency), Confirmed at B1.ar

Outlook Actions:

..Issuer: Matba Rofex S.A.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: PSA Finance Argentina Comp.Fin.S.A.

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to caa3 from caa1

.... Baseline Credit Assessment, Downgraded to ca from caa2

....LT Counterparty Risk Assessment, Downgraded to Caa1(cr) from B3(cr)

....NSR Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to Ca.ar from Ba1.ar

....Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to (P)Ca from (P)Caa1

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B1.ar, Negative from Ratings Under Review

Confirmations:

....Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at Caa1, Negative from Ratings Under Review

....NSR Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at Ba1.ar, Negative from Ratings Under Review

....LT Bank Deposits (Local Currency), Confirmed at Caa1, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Confirmed at Ba1.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Bank Deposits (Foreign Currency), Affirmed NP

....ST Bank Deposits (Local Currency), Affirmed NP

Outlook Actions:

..Issuer: PSA Finance Argentina Comp.Fin.S.A.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Rombo Compania Financiera S.A.

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to caa3 from caa1

.... Baseline Credit Assessment, Downgraded to ca from caa3

....LT Counterparty Risk Assessment, Downgraded to Caa1(cr) from B3(cr)

....NSR Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to Ca.ar from Ba2.ar

....Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to (P)Ca from (P)Caa1

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B1.ar, Negative from Ratings Under Review

Confirmations:

....NSR Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at Ba2.ar

....Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at (P)Caa1

....Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at Caa1, Negative from Ratings Under Review

....NSR Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at Ba2.ar, Negative from Ratings Under Review

....LT Bank Deposits (Local Currency), Confirmed at Caa1, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Confirmed at Ba2.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Bank Deposits (Local Currency), Affirmed NP

....ST Bank Deposits (Foreign Currency), Affirmed NP

Outlook Actions:

..Issuer: Rombo Compania Financiera S.A.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Toyota Compania Financiera de Argentina S.A.

Downgrades:

.... Adjusted Baseline Credit Assessment, Downgraded to caa3 from caa1

.... Baseline Credit Assessment, Downgraded to ca from caa3

....LT Counterparty Risk Assessment, Downgraded to Caa1(cr) from B3(cr)

....NSR Subordinate Medium-Term Note Program (Foreign Currency), Downgraded to Ca.ar from B1.ar

....Subordinate Medium-Term Note Program (Foreign Currency), Downgraded to (P)Ca from (P)Caa2

....Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to (P)Ca from (P)Caa1

....NSR Senior Unsecured Medium-Term Note Program (Foreign Currency), Downgraded to Ca.ar from Ba2.ar

....LT Bank Deposits (Foreign Currency), Downgraded to Ca from Caa2, Negative from Ratings Under Review

....NSR LT Bank Deposits (Foreign Currency), Downgraded to Ca.ar from B1.ar, Negative from Ratings Under Review

Confirmations:

....NSR Subordinate Medium-Term Note Program (Local Currency), Confirmed at B1.ar

....Subordinate Medium-Term Note Program (Local Currency), Confirmed at (P)Caa2

....Subordinate Regular Bond/Debenture (Local Currency), Confirmed at Caa2

....NSR Subordinate Regular Bond/Debenture (Local Currency), Confirmed at B1.ar

....NSR Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at Ba2.ar

....Senior Unsecured Medium-Term Note Program (Local Currency), Confirmed at (P)Caa1

....Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at Caa1, Negative from Ratings Under Review

....NSR Senior Unsecured Regular Bond/Debenture (Local Currency), Confirmed at Ba2.ar, Negative from Ratings Under Review

....LT Bank Deposits (Local Currency), Confirmed at Caa1, Negative from Ratings Under Review

....NSR LT Bank Deposits (Local Currency), Confirmed at Ba2.ar, Negative from Ratings Under Review

Affirmations:

....ST Counterparty Risk Assessment, Affirmed NP(cr)

....ST Bank Deposits (Local Currency), Affirmed NP

....ST Bank Deposits (Foreign Currency), Affirmed NP

Outlook Actions:

..Issuer: Toyota Compania Financiera de Argentina S.A.

....Outlook, Changed To Negative From Rating Under Review

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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 certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain 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.ar.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

For issuers domiciled in Argentina, the regulatory report related to this rating action is available on www.moodys.com.ar.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

At least one ESG consideration was material to one of the credit rating outcomes announced and described above.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com.ar, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.

Please see www.moodys.com.ar for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com.ar for additional regulatory disclosures for each credit rating.

Marcelo De Gruttola
Asst Vice President - Analyst
Financial Institutions Group
Moody's Latin America ACR
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: 1 800 666 3506
Client Service: 1 212 553 1653

M. Celina Vansetti-Hutchins
MD - Banking
Financial Institutions Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Ceres Lisboa
Senior Vice President
Financial Institutions Group
JOURNALISTS: 1 800 666 3506
Client Service: 1 212 553 1653

Releasing Office:
Moody's Latin America ACR
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: 1 800 666 3506
Client Service: 1 212 553 1653

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.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR 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 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S 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.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating 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 or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

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 $5,000,000. 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 JPY550,000,000.

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