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Rating Action:

Moody's Latin America upgrades ratings of multiple Argentine banks, finance companies, MATtba and Grupo Supervielle; outlook changed to stable

 The document has been translated in other languages

06 Dec 2017

NOTE: On December 21, 2017, the List of Affected Credit Ratings accessible via hyperlink from this press release was corrected to reflect that the outlooks on the Senior Unsecured NSR ratings for Balanz Capital Valores S.A.U. are stable and the current LT Counterparty Risk Assessment (CRA) for PSA Finance Argentina Comp.Fin.S.A. was changed to Ba3(cr).

Buenos Aires City, December 06, 2017 -- Moody's Latin America (MLA) has today upgraded ratings and/or assessments assigned to 14 domestically-owned Argentine banks, 2 finance companies, Mercado a Término de Buenos Aires S.A. (MATba) and Grupo Supervielle. At the same time, Moody's affirmed the global scale ratings assigned to 6 banks, John Deere Credit Compañía Financiera S.A. and Balanz Capital Valores S.A.U. The outlook on all ratings assigned to these entities is stable, except for Banco Patagonia, GPAT Compañía Financiera , Banco Supervielle and Grupo Supervielle.

These actions follow the announcement by Moody's Investors Service published on 29 November 2017 that it has upgraded to B2, from B3, Argentina's government bond rating and changed the outlook to stable from positive. At the same time, Moody's raised Argentina's country ceilings for debt and deposits. For additional information, please refer to the related announcement: " Moody's Upgrades Argentina's Rating to B2; Outlook Stable" .

Please click on this link http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_198070 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

RATINGS RATIONALE

These rating actions on Argentine banks and other financial institutions follow the upgrade of Argentina's sovereign bond rating, which was driven by the record of macroeconomic reforms passed under Macri administration that are beginning to address long existing economic distortions in Argentina and the likelihood that the reforms will continue, sustaining the recent return to economic growth. The sovereign's stable outlook balances recent improvements to the economy and the country's policymaking with still high fiscal deficits that are mostly funded in foreign currency and growing external imbalances.

ARGENTINA MACRO PROFILE CHANGED TO WEAK+ FROM WEAK -

The improvement in Argentina's macro profile reflects increased institutional strength and a reduction in its susceptibility to political event risk. Somewhat stronger, though still relatively weak, institutions have improved as a result of Argentina's policy adjustments since 2015 including the increased independence of central bank, the publication of more credible public statistics, the implementation of a free-floating exchange rate, the opening of the capital account, and multi-year inflation targeting. Meanwhile, the recent victory of the President's party in Argentina's mid-term elections, in which it took 42% of the votes and became the largest party in lower House of Congress, indicates strong political support for the President's agenda, reflecting the country's reduced vulnerability to political event risk and supporting Moody's expectation that reforms will continue. The reforms aim to bolster the economic recovery by promoting increased private investment while continuing the process of macroeconomic stabilization.

UPGRADE OF BANK AND FINANCE COMPANY RATINGS

Moody's upgraded the baseline credit assessments of 18 banks and the long-term local currency deposit ratings of 14 banks by one notch each. All of the bank's BCAs are B2 except for Banco de Servicios y Transacciones, S.A., Banco de la Provincia de Cordoba S.A., and Toyota Compania Financiera de Argentina S.A., the BCAs of which are B3, and Banco Cetelem Argentina S.A., which has a Caa1 BCA. The local currency deposit ratings now range from B3 (Banco de Servicios y Transacciones, S.A.) to Ba2 (BNP Paribas (Argentina)). Moody's also upgraded the issuer rating of Grupo Supervielle S.A. and the corporate family rating of Rombo Compania Financiera S.A. by one notch each. In addition, Moody's upgraded the local currency senior unsecured bond ratings of three banks (Banco de la Ciudad de Buenos Aires, Banco de Servicios y Transacciones S.A., and PSA Finance Argentina Comp.Fin.S.A.), one finance company (Rombo Compania Financiera S.A.) and one financial holding company (Grupo Supervielle S.A.), the foreign currency senior unsecured bond rating of John Deere Credit Compañía Financiera S.A., and the local currency subordinated bond rating of Banco de Servicios y Transacciones S.A. by one notch each. Thirteen of those companies' national scale local currency deposit ratings were upgraded by an average of 2 notches in line with the upgrades of their corresponding global scale ratings. The new national scale ratings reflect Moody's revised view of the relative financial strength of these companies, including affiliate support where applicable.

The upgrades reflect the improved operating environment in Argentina coupled with the relatively strong credit fundamentals of the affected Argentine financial institutions, the ratings of all of which except Banco de Servicios y Transacciones, S.A. were constrained by that of the sovereign given their strong credit inter-linkages. The improved operating environment will support stable asset quality and greater loan demand, helping to offset the effects of margin compression driven by falling interest rates and tight competition.

Moody's also upgraded the global scale long-term foreign currency deposit ratings of all 21 rated Argentine banks by one notch in line with the increase in Argentina's foreign currency deposit ceiling to B3 from Caa1. All of these ratings except for Banco de Servicios y Transacciones S.A. remain constrained by the ceiling. At the same time, the national scale long-term foreign currency deposit rating of 20 of those banks were upgraded by three notches to Baa1.ar. Banco de Servicios y Transacciones S.A.'s national scale foreign currency deposit rating was upgraded by two notches to Baa2.ar.

LOCAL CURRENCY DEPOSIT AND DEBT RATINGS OF FOREIGN SUBSIDIARIES IN ARGENTINA AFFIRMED

Moody's affirmed the Ba3 global scale, long term local currency deposit and debt ratings assigned to ICBC (Argentina), Banco Itau Argentina, Banco Santander Rio, and HSBC Bank Argentina, as well as the finance company John Deere Credit Compañía Financiera S.A. global scale debt ratings. The four bank's ratings now receive less uplift from support from their foreign parents following the upgrades of their respective BCAs, which has compressed the distance between the company's standalone creditworthiness and that of their parents.

Additionally, Moody's affirmed all the global scale ratings and BCAs, excluding foreign currency ratings which were upgraded in line with the country's foreign currency ceiling upgrade, of Toyota Compañía Financiera and Banco Cetelem Argentina. Notwithstanding the improvement in Argentina's operating environment and the company's good asset quality, Toyota's BCA was affirmed at b3 due to its modest profitability and capitalization, weak liquidity profile, and heavy reliance on market funding, as well as a lack of diversification inherent in the company's business model. Despite improved capitalization following a recent capital injection, Cetelem's BCA was affirmed at caa1 due to its very weak asset risk profile, large losses prompted by higher operating expenses, very weak liquidity, and high reliance on market funding

BANCO PATAGONIA AND GPAT COMPAÑÍA FINANCIERA REMAIN UNDER REVIEW FOR DOWNGRADE

Moody's upgraded Patagonia's BCA, global scale foreign currency deposit rating, and global scale foreign currency debt program rating by one notch each, following with the increase of the foreign currency debt and deposit ceiling in Argentina. The national scale program rating was upgraded two notches to Aa2.ar in line with the upgrade of the corresponding global scale rating. The global and local scale foreign currency debt program ratings assigned to Patagonia's subsidiary, GPAT Compañia Financiera, were also upgraded one notch each. Patagonia's global scale foreign currency deposit rating, which is constrained by the sovereign ceiling, has a stable outlook. However both Patagonia's and GPAT's program ratings are under review for possible downgrade along with their other ratings, which were unaffected by today's action, pending the possible sale of Patagonia by its controlling shareholder, Banco do Brasil S.A. (BB, LC deposit Ba2 negative, ba2).

UPGRADE OF MERCADO A TÉRMINO DE BUENOS AIRES (MATba)

The upgrade of MATba's global scale local currency issuer rating to B1, which is one notch above Argentina's government bond rating, reflects (1) MATba's dominant position in the derivatives markets in Argentina, operating as the main local agricultural exchange, (2) its track record of good profitability, even adjusted by inflation, and (3) the absence of financial leverage. While MATba' has a non-diversified earnings base and the lack of depth of the domestic derivatives market in Argentina limits business potential, the recent announcement of a potential merger with Rofex (Mercado a Término de Rosario, unrated) could have positive credit implication by enhancing business volumes and revenue diversification.

AFFIRMATION OF BALANZ CAPITAL VALORES' RATINGS

The affirmation of Balanz's global and national scale ratings incorporates the entity's less aggressive business strategy, its earnings volatility, and reduced proprietary trading, while it also captures Balanz's highly concentrated funding profile and modest earnings generation capacity.

WHAT COULD CHANGE THE RATING -- UP OR DOWN

As the large majority of the affected companies' standalone assessments are constrained by the sovereign, additional upward ratings pressure will likely depend upon further improvement Argentina's government bond rating.

Similarly, the ratings would face downwards ratings pressure if the sovereign rating were lowered. The ratings could also be negatively affected if the issuers suffer a substantial deterioration in asset quality, earnings, and/or capitalization.

FINANCIAL INSTITUTIONS AFFECTED

1. Banco Macro S.A.

2. Banco Patagonia S.A.

3. GPAT Compañia Financiera S.A.

4. Banco de Servicios y Transacciones S.A.

5. Banco Cetelem Argentina S.A.

6. Banco de la Ciudad de Buenos Aires

7. Banco de Galicia y Buenos Aires S.A.

8. Banco Hipotecario S.A.

9. HSBC Bank Argentina S.A.

10. ICBC (Argentina) S.A.

11. Banco Itau Argentina S.A.

12. Banco Rioja Sociedad Anonima Unipersonal

13. Banco Piano S.A.

14. PSA Finance Argentina Comp.Fin.S.A.

15. Banco Santander Rio S.A.

16. Banco Comafi S.A.

17. Banco Supervielle S.A.

18. Grupo Supervielle S.A.

19. Toyota Compania Financiera de Argentina S.A.

20. Banco del Tucuman S.A.

21. Banco de la Provincia de Cordoba S.A.

22. Balanz Capital Valores S.A.U.

23. BNP Paribas (Argentina)

24. John Deere Credit Compania Financiera S.A.

25. Rombo Compania Financiera S.A.

26. Banco de Valores S.A.

27. Mercado a Término de Buenos Aires S.A.

PRINCIPAL METHODOLOGIES

The principal methodology used in rating Banco de Servicios y Transacciones S.A., Banco de Valores S.A., Banco Patagonia S.A., Banco Piano S.A., Banco Santander Rio S.A., Banco Supervielle S.A., Grupo Supervielle S.A., BNP Paribas (Argentina), PSA Finance Argentina Comp.Fin.S.A., Banco Cetelem Argentina S.A., Banco Comafi S.A., Banco de Galicia y Buenos Aires S.A., Banco de la Ciudad de Buenos Aires, Banco de la Provincia de Cordoba S.A., Banco del Tucuman S.A., Banco Hipotecario S.A., Banco Itau Argentina S.A., Banco Macro S.A., Banco Rioja Sociedad Anonima Unipersonal, HSBC Bank Argentina S.A., ICBC (Argentina) S.A., and Toyota Compania Financiera de Argentina S.A. was Banks published in September 2017. The principal methodology used in rating GPAT Compania Financiera S.A, Rombo Compania Financiera S.A., and John Deere Credit Compania Financiera S.A. was Finance Companies published in December 2016. The principal methodology used in rating Balanz Capital Valores S.A.U. was Securities Industry Market Makers published in September 2017. The principal methodology used in rating Mercado a Termino de Buenos Aires S.A. was Securities Industry Service Providers published in September 2017. Please see the Rating Methodologies page on www.moodys.com.ar 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_1060333.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 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.

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.

Maria Valeria Azconegui
Vice President - Senior Analyst
Financial Institutions Group
Moody's Latin America ACR
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: 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

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

No Related Data.
© 2019 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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