Buenos Aires City, October 12, 2012 -- Moody's Latin America (Moody's) has upgraded the national scale and global
local currency ratings of several debt securities and certificates of
securitizations issued in the Argentina.
The complete rating action, which includes upgrades of the national
scale ratings (NSR) and global local currency ratings (GLCR), is
as follows:
Issuer: Fideicomiso Financiero Finansur Autos V
VDFA, Affirmed at Aaa.ar (sf); previously on Jul 28,
2011 Assigned Aaa.ar (sf)
VDFA, Affirmed at Ba3 (sf); previously on Jul 28, 2011
Assigned Ba3 (sf)
VDFB, Affirmed at Aa3.ar (sf); previously on Jul 28,
2011 Assigned Aa3.ar (sf)
VDFB, Affirmed at B1 (sf); previously on Jul 28, 2011
Assigned B1 (sf)
CP, Affirmed at Caa2.ar (sf); previously on Jul 28,
2011 Assigned Caa2.ar (sf)
CP, Affirmed at Caa3 (sf); previously on Jul 28, 2011
Assigned Caa3 (sf)
Issuer: Fideicomiso Financiero Pvcred III
CP, Affirmed at Aaa.ar (sf); previously on Oct 18,
2011 Upgraded to Aaa.ar (sf)
CP, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded
to Ba3 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie I
CP, Affirmed at Aaa.ar (sf); previously on Oct 18,
2011 Upgraded to Aaa.ar (sf)
CP, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded
to Ba3 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie II
CP, Affirmed at Aaa.ar (sf); previously on Oct 18,
2011 Upgraded to Aaa.ar (sf)
CP, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded
to Ba3 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie IX
VRDA TV - Class A Floating Rate Debt Securities, Affirmed
at Aaa.ar (sf); previously on Nov 15, 2011 Assigned
Aaa.ar (sf)
VRDA TV - Class A Floating Rate Debt Securities, Affirmed
at Ba3 (sf); previously on Jun 4, 2012 Downgraded to Ba3 (sf)
VRDB - Class B Debt Securities, Affirmed at C (sf);
previously on Nov 15, 2011 Assigned C (sf)
VRDB - Class B Debt Securities, Affirmed at C.ar (sf);
previously on Nov 15, 2011 Assigned C.ar (sf)
CP - Certificates, Affirmed at C (sf); previously on
Nov 15, 2011 Assigned C (sf)
CP - Certificates, Affirmed at C.ar (sf); previously
on Nov 15, 2011 Assigned C.ar (sf)
Issuer: Fideicomiso Financiero Pvcred Serie V
CP, Affirmed at Aaa.ar (sf); previously on Oct 18,
2011 Upgraded to Aaa.ar (sf)
CP, Affirmed at Ba3 (sf); previously on Oct 18, 2011
Upgraded to Ba3 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie VIII
VRDA TV - Class A Floating Rate Debt Securities, Affirmed
at Aaa.ar (sf); previously on Sep 19, 2011 Assigned
Aaa.ar (sf)
VRDA TV - Class A Floating Rate Debt Securities, Affirmed
at Ba3 (sf); previously on Jun 4, 2012 Downgraded to Ba3 (sf)
VRDB - Class B Debt Securities, Affirmed at C (sf);
previously on Sep 19, 2011 Assigned C (sf)
VRDB - Class B Debt Securities, Affirmed at C.ar (sf);
previously on Sep 19, 2011 Assigned C.ar (sf)
CP - Certificates, Affirmed at C (sf); previously on
Sep 19, 2011 Assigned C (sf)
CP - Certificates, Affirmed at C.ar (sf); previously
on Sep 19, 2011 Assigned C.ar (sf)
Issuer: Fideicomiso Financiero PVCred Serie X
VRDA TV - Class A Floating Rate Debt Securities, Affirmed
at Aaa.ar (sf); previously on Jan 19, 2012 Assigned
Aaa.ar (sf)
VRDA TV - Class A Floating Rate Debt Securities, Affirmed
at Ba3 (sf); previously on Jun 4, 2012 Downgraded to Ba3 (sf)
VRDB - Class B Debt Securities, Affirmed at C (sf);
previously on Jan 19, 2012 Assigned C (sf)
VRDB - Class B Debt Securities, Affirmed at C.ar (sf);
previously on Jan 19, 2012 Assigned C.ar (sf)
CP - Certificates, Affirmed at C (sf); previously on
Jan 19, 2012 Assigned C (sf)
CP - Certificates, Affirmed at C.ar (sf); previously
on Jan 19, 2012 Assigned C.ar (sf)
Issuer: Fideicomiso Financiero Pvcred Serie XI
VRDA TV - Class A Floating Rate Debt Securities, Affirmed
at Aaa.ar (sf); previously on Mar 7, 2012 Assigned Aaa.ar
(sf)
VRDA TV - Class A Floating Rate Debt Securities, Affirmed
at Ba3 (sf); previously on Jun 4, 2012 Downgraded to Ba3 (sf)
VRDB - Class B Debt Securities, Affirmed at Ca (sf);
previously on Mar 7, 2012 Assigned Ca (sf)
VRDB - Class B Debt Securities, Affirmed at Ca.ar
(sf); previously on Mar 7, 2012 Assigned Ca.ar (sf)
CP - Certificates, Affirmed at C (sf); previously on
Mar 7, 2012 Assigned C (sf)
CP - Certificates, Affirmed at C.ar (sf); previously
on Mar 7, 2012 Assigned C.ar (sf)
Issuer: Fideicomiso Financiero Pvcred Serie XII
VRDA TV, Affirmed at Aaa.ar (sf); previously on May
9, 2012 Assigned Aaa.ar (sf)
VRDA TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VRDB, Affirmed at Ca (sf); previously on May 9, 2012
Assigned Ca (sf)
VRDB, Affirmed at Ca.ar (sf); previously on May 9,
2012 Assigned Ca.ar (sf)
CP, Affirmed at C (sf); previously on May 9, 2012 Assigned
C (sf)
CP, Affirmed at C.ar (sf); previously on May 9,
2012 Assigned C.ar (sf)
Issuer: Fideicomiso Financiero Pvcred Serie XIII
VRDA TF, Affirmed at Aaa.ar (sf); previously on Aug
8, 2012 Assigned Aaa.ar (sf)
VRDA TF, Affirmed at Ba3 (sf); previously on Aug 8, 2012
Assigned Ba3 (sf)
VRDA TV, Affirmed at Aaa.ar (sf); previously on Aug
8, 2012 Assigned Aaa.ar (sf)
VRDA TV, Affirmed at Ba3 (sf); previously on Aug 8, 2012
Assigned Ba3 (sf)
VRDB, Affirmed at Ca (sf); previously on Aug 8, 2012
Assigned Ca (sf)
VRDB, Affirmed at Ca.ar (sf); previously on Aug 8,
2012 Assigned Ca.ar (sf)
CP, Affirmed at C (sf); previously on Aug 8, 2012 Assigned
C (sf)
CP, Affirmed at C.ar (sf); previously on Aug 8,
2012 Assigned C.ar (sf)
Issuer: Fideicomiso Financiero Pvcred Serie XIV
VRDA TF, Affirmed at Aaa.ar (sf); previously on Oct
5, 2012 Assigned Aaa.ar (sf)
VRDA TF, Affirmed at Ba3 (sf); previously on Oct 5, 2012
Assigned Ba3 (sf)
VRDA TV, Affirmed at Aaa.ar (sf); previously on Oct
5, 2012 Assigned Aaa.ar (sf)
VRDA TV, Affirmed at Ba3 (sf); previously on Oct 5, 2012
Assigned Ba3 (sf)
VRDB, Affirmed at C (sf); previously on Oct 5, 2012 Assigned
C (sf)
VRDB, Affirmed at C.ar (sf); previously on Oct 5,
2012 Assigned C.ar (sf)
CP, Affirmed at C (sf); previously on Oct 5, 2012 Assigned
C (sf)
CP, Affirmed at C.ar (sf); previously on Oct 5,
2012 Assigned C.ar (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XL
CP, Affirmed at Aaa.ar (sf); previously on Oct 18,
2011 Upgraded to Aaa.ar (sf)
CP, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded
to Ba3 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XLI
VFD TFC, Affirmed at Aaa.ar (sf); previously on Oct
18, 2011 Upgraded to Aaa.ar (sf)
VFD TFC, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
CP, Affirmed at Aaa.ar (sf); previously on Oct 18,
2011 Upgraded to Aaa.ar (sf)
CP, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded
to Ba3 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XLII
VDF TV, Affirmed at Aaa.ar (sf); previously on Nov 16,
2010 Assigned Aaa.ar (sf)
VDF TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC, Affirmed at Aaa.ar (sf); previously on Oct
18, 2011 Upgraded to Aaa.ar (sf)
VDF TFC, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
CP, Affirmed at Aaa.ar (sf); previously on Oct 18,
2011 Upgraded to Aaa.ar (sf)
CP, Affirmed at Ba3 (sf); previously on Jun 4, 2012 Downgraded
to Ba3 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XLIII
VFD TV, Affirmed at Aaa.ar (sf); previously on Mar 1,
2011 Assigned Aaa.ar (sf)
VFD TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC, Affirmed at Aaa.ar (sf); previously on Oct
18, 2011 Upgraded to Aaa.ar (sf)
VDF TFC, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
CP, Affirmed at Aaa.ar (sf); previously on Oct 18,
2011 Upgraded to Aaa.ar (sf)
CP, Affirmed at Ba3 (sf); previously on Oct 18, 2011
Upgraded to Ba3 (sf)
Issuer: Fideicomiso Financiero Supervielle Créditos Banex
XXXIV
Certificates, Affirmed at Aaa.ar (sf); previously on
Oct 18, 2011 Upgraded to Aaa.ar (sf)
Certificates, Affirmed at Ba3 (sf); previously on Jun 4,
2012 Downgraded to Ba3 (sf)
Issuer: Fideicomiso Financiero Supervielle Créditos Banex
XXXIX
Class C Fixed Rate Debt Securities, Affirmed at Aaa.ar (sf);
previously on Oct 18, 2011 Upgraded to Aaa.ar (sf)
Class C Fixed Rate Debt Securities, Affirmed at Ba3 (sf); previously
on Jun 4, 2012 Downgraded to Ba3 (sf)
Certificates, Affirmed at Aaa.ar (sf); previously on
Oct 18, 2011 Upgraded to Aaa.ar (sf)
Certificates, Affirmed at Ba3 (sf); previously on Jun 4,
2012 Downgraded to Ba3 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXVI
Certificates, Affirmed at Aaa.ar (sf); previously on
Oct 18, 2011 Upgraded to Aaa.ar (sf)
Certificates, Affirmed at Ba3 (sf); previously on Jun 4,
2012 Downgraded to Ba3 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXVII
Class C Fixed Rate Debt Securities, Affirmed at Aaa.ar (sf);
previously on Oct 18, 2011 Upgraded to Aaa.ar (sf)
Class C Fixed Rate Debt Securities, Affirmed at Ba3 (sf); previously
on Jun 4, 2012 Downgraded to Ba3 (sf)
Certificates, Affirmed at Aaa.ar (sf); previously on
Oct 18, 2011 Upgraded to Aaa.ar (sf)
Certificates, Affirmed at Ba3 (sf); previously on Jun 4,
2012 Downgraded to Ba3 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex XXXVIII
Class C Fixed Rate Debt Securities, Affirmed at Aaa.ar (sf);
previously on Oct 18, 2011 Upgraded to Aaa.ar (sf)
Class C Fixed Rate Debt Securities, Affirmed at Ba3 (sf); previously
on Jun 4, 2012 Downgraded to Ba3 (sf)
Certificates, Affirmed at Aaa.ar (sf); previously on
Oct 18, 2011 Upgraded to Aaa.ar (sf)
Certificates, Affirmed at Ba3 (sf); previously on Jun 4,
2012 Downgraded to Ba3 (sf)
Issuer: Fideicomiso Financiero Supervielle Leasing 7
VDF TFA, Affirmed at Aaa.ar (sf); previously on Aug
9, 2011 Assigned Aaa.ar (sf)
VDF TFA, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFB, Affirmed at A1.ar (sf); previously on Aug 9,
2011 Assigned A1.ar (sf)
VDF TFB, Affirmed at B2 (sf); previously on Aug 9, 2011
Assigned B2 (sf)
CP, Affirmed at Ca (sf); previously on Aug 9, 2011 Assigned
Ca (sf)
CP, Affirmed at Ca.ar (sf); previously on Aug 9,
2011 Assigned Ca.ar (sf)
Issuer: Fideicomiso Financiero Supervielle Personales 6
VDF TFA, Affirmed at Aaa.ar (sf); previously on Jul
19, 2012 Assigned Aaa.ar (sf)
VDF TFA, Affirmed at Ba3 (sf); previously on Jul 19,
2012 Assigned Ba3 (sf)
VDF TVB, Affirmed at Aaa.ar (sf); previously on Jul
19, 2012 Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Jul 19,
2012 Assigned Ba3 (sf)
VDF TFC, Affirmed at Ca (sf); previously on Aug 17, 2012
Assigned Ca (sf)
VDF TFC, Affirmed at Ca.ar (sf); previously on Aug 17,
2012 Assigned Ca.ar (sf)
CP, Affirmed at C (sf); previously on Aug 17, 2012 Assigned
C (sf)
CP, Affirmed at C.ar (sf); previously on Aug 17,
2012 Assigned C.ar (sf)
Issuer: Fideicomiso Financiero Finansur Autos IV
VDFA, Affirmed at Aaa.ar (sf); previously on Jun 8,
2011 Assigned Aaa.ar (sf)
VDFA, Affirmed at Ba3 (sf); previously on Jun 8, 2011
Assigned Ba3 (sf)
VDFB, Upgraded to Aaa.ar (sf); previously on Jun 8,
2011 Assigned Aa3.ar (sf)
VDFB, Upgraded to Ba3 (sf); previously on Jun 8, 2011
Assigned B1 (sf)
CP, Affirmed at Caa2.ar (sf); previously on Jun 8,
2011 Assigned Caa2.ar (sf)
CP, Affirmed at Caa3 (sf); previously on Jun 8, 2011
Assigned Caa3 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie IV
CP, Upgraded to Aaa.ar (sf); previously on Oct 18,
2011 Upgraded to Baa1.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Oct 18, 2011
Upgraded to B3 (sf)
Issuer: Fideicomiso Financiero Pvcred Serie VI
VRDB, Upgraded to Aaa.ar (sf); previously on Oct 18,
2011 Upgraded to Baa1.ar (sf)
VRDB, Upgraded to Ba3 (sf); previously on Oct 18, 2011
Upgraded to B3 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Oct 18,
2011 Upgraded to Ca.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Oct 18, 2011
Upgraded to Ca (sf)
Issuer: Fideicomiso Financiero Pvcred Serie VII
VRDA TV - Class A Floating Rate Debt Securities, Affirmed
at Aaa.ar (sf); previously on Jul 26, 2011 Assigned
Aaa.ar (sf)
VRDA TV - Class A Floating Rate Debt Securities, Affirmed
at Ba3 (sf); previously on Jun 4, 2012 Downgraded to Ba3 (sf)
VRDB - Class B Debt Securities, Upgraded to Aa1.ar
(sf); previously on Jul 26, 2011 Assigned Ca.ar (sf)
VRDB - Class B Debt Securities, Upgraded to Ba3 (sf);
previously on Jul 26, 2011 Assigned Ca (sf)
CP - Certificates, Upgraded to B2.ar (sf); previously
on Jul 26, 2011 Assigned C.ar (sf)
CP - Certificates, Upgraded to Caa2 (sf); previously
on Jul 26, 2011 Assigned C (sf)
Issuer: Fideicomiso Financiero Supervielle Créditos 55
VDF TVB, Affirmed at Aaa.ar (sf); previously on Dec
2, 2011 Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TVC, Upgraded to Aaa.ar (sf); previously on Dec
2, 2011 Assigned B2.ar (sf)
VDF TVC, Upgraded to Ba3 (sf); previously on Dec 2, 2011
Assigned Caa2 (sf)
CP, Upgraded to A1.ar (sf); previously on Dec 2,
2011 Assigned C.ar (sf)
CP, Upgraded to B2 (sf); previously on Dec 2, 2011 Assigned
C (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos 56
VDF TV Class B, Affirmed at Aaa.ar (sf); previously
on Jan 23, 2012 Assigned Aaa.ar (sf)
VDF TV Class B, Affirmed at Ba3 (sf); previously on Jun 4,
2012 Downgraded to Ba3 (sf)
VDF TFC Class C, Upgraded to Aaa.ar (sf); previously
on Jan 23, 2012 Assigned B1.ar (sf)
VDF TFC Class C, Upgraded to Ba3 (sf); previously on Jan 23,
2012 Assigned Caa2 (sf)
CP, Upgraded to Aa2.ar (sf); previously on Jan 23,
2012 Assigned C.ar (sf)
CP, Upgraded to B1 (sf); previously on Jan 23, 2012 Assigned
C (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos 57
VDF TVB, Affirmed at Aaa.ar (sf); previously on Feb
15, 2012 Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC, Affirmed at Aaa.ar (sf); previously on Feb
15, 2012 Assigned Aaa.ar (sf)
VDF TFC, Affirmed at Ba3 (sf); previously on Feb 15,
2012 Assigned Ba3 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Feb 15,
2012 Assigned Caa2.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Feb 15, 2012
Assigned Caa3 (sf)
Issuer: Fideicomiso Financiero Supervielle Créditos 58
VDF TFA, Affirmed at Aaa.ar (sf); previously on Mar
13, 2012 Assigned Aaa.ar (sf)
VDF TFA, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TVB, Affirmed at Aaa.ar (sf); previously on Mar
13, 2012 Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC, Upgraded to Aaa.ar (sf); previously on Mar
13, 2012 Assigned Aa2.ar (sf)
VDF TFC, Upgraded to Ba3 (sf); previously on Mar 13,
2012 Assigned B1 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Mar 13,
2012 Assigned Caa2.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Mar 13, 2012
Assigned Caa3 (sf)
Issuer: Fideicomiso Financiero Supervielle Créditos 59
VDF TFA, Affirmed at Aaa.ar (sf); previously on Apr
11, 2012 Assigned Aaa.ar (sf)
VDF TFA, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TVB, Affirmed at Aaa.ar (sf); previously on Apr
11, 2012 Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC, Upgraded to Aaa.ar (sf); previously on Apr
11, 2012 Assigned Aa2.ar (sf)
VDF TFC, Upgraded to Ba3 (sf); previously on Apr 11,
2012 Assigned B1 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Apr 11,
2012 Assigned Ca.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Apr 11, 2012
Assigned Ca (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos 60
VDF TFA, Affirmed at Aaa.ar (sf); previously on May
9, 2012 Assigned Aaa.ar (sf)
VDF TFA, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TVB, Affirmed at Aaa.ar (sf); previously on May
9, 2012 Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC, Upgraded to Aaa.ar (sf); previously on May
9, 2012 Assigned Aa2.ar (sf)
VDF TFC, Upgraded to Ba3 (sf); previously on May 9, 2012
Assigned B1 (sf)
CP, Upgraded to Aaa.ar (sf); previously on May 9,
2012 Assigned Caa1.ar (sf)
CP, Upgraded to Ba3 (sf); previously on May 9, 2012 Assigned
Caa3 (sf)
Issuer: Fideicomiso Financiero Supervielle Créditos 61
VDF TFA, Affirmed at Aaa.ar (sf); previously on Jun
4, 2012 Assigned Aaa.ar (sf)
VDF TFA, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Assigned Ba3 (sf)
VDF TVB, Affirmed at Aaa.ar (sf); previously on Jun
4, 2012 Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Assigned Ba3 (sf)
VDF TFC, Upgraded to Aaa.ar (sf); previously on Jun
4, 2012 Assigned Aa2.ar (sf)
VDF TFC, Upgraded to Ba3 (sf); previously on Jun 4, 2012
Assigned B1 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Jun 4,
2012 Assigned Caa2.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Jun 4, 2012 Assigned
Caa3 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos 62
Class A VDF TFA, Affirmed at Aaa.ar (sf); previously
on Jun 19, 2012 Assigned Aaa.ar (sf)
Class A VDF TFA, Affirmed at Ba3 (sf); previously on Jun 19,
2012 Assigned Ba3 (sf)
Class B VDF TVB, Affirmed at Aaa.ar (sf); previously
on Jun 19, 2012 Assigned Aaa.ar (sf)
Class B VDF TVB, Affirmed at Ba3 (sf); previously on Jun 19,
2012 Assigned Ba3 (sf)
Class C VDF TFC, Upgraded to Aaa.ar (sf); previously
on Jun 19, 2012 Assigned Ba2.ar (sf)
Class C VDF TFC, Upgraded to Ba3 (sf); previously on Jun 19,
2012 Assigned Caa1 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Jun 19,
2012 Assigned Ca.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Jun 19, 2012
Assigned Ca (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos 63
VDF TFA, Affirmed at Aaa.ar (sf); previously on Aug
3, 2012 Assigned Aaa.ar (sf)
VDF TFA, Affirmed at Ba3 (sf); previously on Aug 3, 2012
Assigned Ba3 (sf)
VDF TVB, Affirmed at Aaa.ar (sf); previously on Aug
3, 2012 Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Aug 3, 2012
Assigned Ba3 (sf)
VDF TFC, Upgraded to Aa1.ar (sf); previously on Aug
3, 2012 Assigned A1.ar (sf)
VDF TFC, Upgraded to Ba3 (sf); previously on Aug 3, 2012
Assigned B2 (sf)
CP, Upgraded to Aa2.ar (sf); previously on Aug 3,
2012 Assigned A2.ar (sf)
CP, Upgraded to B1 (sf); previously on Aug 3, 2012 Assigned
B2 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos 64
VDF TFA, Affirmed at Aaa.ar (sf); previously on Sep
14, 2012 Assigned Aaa.ar (sf)
VDF TFA, Affirmed at Ba3 (sf); previously on Sep 14,
2012 Assigned Ba3 (sf)
VDF TVB, Affirmed at Aaa.ar (sf); previously on Sep
14, 2012 Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Sep 14,
2012 Assigned Ba3 (sf)
VDF TFC, Upgraded to Aa2.ar (sf); previously on Sep
14, 2012 Assigned Aa3.ar (sf)
VDF TFC, Upgraded to B1 (sf); previously on Sep 14, 2012
Assigned B2 (sf)
CP, Upgraded to Aa3.ar (sf); previously on Sep 14,
2012 Assigned A1.ar (sf)
CP, Upgraded to B1 (sf); previously on Sep 14, 2012 Assigned
B2 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 44
VDF TV, Affirmed at Aaa.ar (sf); previously on Mar 23,
2011 Assigned Aaa.ar (sf)
VDF TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC, Affirmed at Aaa.ar (sf); previously on Oct
18, 2011 Upgraded to Aaa.ar (sf)
VDF TFC, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Oct 18,
2011 Upgraded to A2.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Oct 18, 2011
Upgraded to B3 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 45
VDF TV, Affirmed at Aaa.ar (sf); previously on May 5,
2011 Assigned Aaa.ar (sf)
VDF TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC, Affirmed at Aaa.ar (sf); previously on Oct
18, 2011 Upgraded to Aaa.ar (sf)
VDF TFC, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Oct 18,
2011 Upgraded to A2.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Oct 18, 2011
Upgraded to B3 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 46
VDF TV, Affirmed at Aaa.ar (sf); previously on May 23,
2011 Assigned Aaa.ar (sf)
VDF TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC, Affirmed at Aaa.ar (sf); previously on Oct
18, 2011 Upgraded to Aaa.ar (sf)
VDF TFC, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
CP, Upgraded to Aaa.ar (sf); previously on May 23,
2011 Assigned Ba1.ar (sf)
CP, Upgraded to Ba3 (sf); previously on May 23, 2011
Assigned Caa1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 47
VDF TV, Affirmed at Aaa.ar (sf); previously on Jun 6,
2011 Assigned Aaa.ar (sf)
VDF TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC, Affirmed at Aaa.ar (sf); previously on Oct
18, 2011 Upgraded to Aaa.ar (sf)
VDF TFC, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Jun 6,
2011 Assigned Ba1.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Jun 6, 2011 Assigned
Caa1 (sf)
Issuer: Fideicomiso Financiero Supervielle Créditos Banex
48
Floating Rate Debt Securities, Affirmed at Aaa.ar (sf);
previously on Jul 11, 2011 Assigned Aaa.ar (sf)
Floating Rate Debt Securities, Affirmed at Ba3 (sf); previously
on Jun 4, 2012 Downgraded to Ba3 (sf)
Class C Fixed Rate Debt Securities, Affirmed at Aaa.ar (sf);
previously on Oct 18, 2011 Upgraded to Aaa.ar (sf)
Class C Fixed Rate Debt Securities, Affirmed at Ba3 (sf); previously
on Oct 18, 2011 Upgraded to Ba3 (sf)
Certificates, Upgraded to Aaa.ar (sf); previously on
Jul 11, 2011 Assigned Ba1.ar (sf)
Certificates, Upgraded to Ba3 (sf); previously on Jul 7,
2011 Assigned Caa1 (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 49
VDF TV, Affirmed at Aaa.ar (sf); previously on Aug 15,
2011 Assigned Aaa.ar (sf)
VDF TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC, Upgraded to Aaa.ar (sf); previously on Aug
15, 2011 Assigned A2.ar (sf)
VDF TFC, Upgraded to Ba3 (sf); previously on Aug 15,
2011 Assigned B3 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Aug 15,
2011 Assigned B1.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Aug 15, 2011
Assigned Caa2 (sf)
Issuer: Fideicomiso Financiero Supervielle Créditos Banex
50
VDF TV, Affirmed at Aaa.ar (sf); previously on Sep 7,
2011 Assigned Aaa.ar (sf)
VDF TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC, Upgraded to Aaa.ar (sf); previously on Sep
7, 2011 Assigned A2.ar (sf)
VDF TFC, Upgraded to Ba3 (sf); previously on Sep 7, 2011
Assigned B3 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Sep 7,
2011 Assigned Ca.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Sep 7, 2011 Assigned
Ca (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 51
VDF TV, Affirmed at Aaa.ar (sf); previously on Sep 22,
2011 Assigned Aaa.ar (sf)
VDF TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC, Upgraded to Aaa.ar (sf); previously on Sep
22, 2011 Assigned A2.ar (sf)
VDF TFC, Upgraded to Ba3 (sf); previously on Sep 22,
2011 Assigned B3 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Sep 22,
2011 Assigned Ca.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Sep 22, 2011
Assigned Ca (sf)
Issuer: Fideicomiso Financiero Supervielle Créditos Banex
52
VDF TV, Affirmed at Aaa.ar (sf); previously on Oct 27,
2011 Assigned Aaa.ar (sf)
VDF TV, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TFC, Upgraded to Aaa.ar (sf); previously on Oct
27, 2011 Assigned Ba1.ar (sf)
VDF TFC, Upgraded to Ba3 (sf); previously on Oct 27,
2011 Assigned Caa1 (sf)
CP, Upgraded to Aaa.ar (sf); previously on Oct 27,
2011 Assigned Ca.ar (sf)
CP, Upgraded to Ba3 (sf); previously on Oct 27, 2011
Assigned Ca (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 53
VDF TV., Affirmed at Aaa.ar (sf); previously
on Oct 25, 2011 Assigned Aaa.ar (sf)
VDF TV., Affirmed at Ba3 (sf); previously on Jun 4,
2012 Downgraded to Ba3 (sf)
VDF TFC., Upgraded to Aaa.ar (sf); previously
on Oct 25, 2011 Assigned A2.ar (sf)
VDF TFC., Upgraded to Ba3 (sf); previously on Oct 25,
2011 Assigned B3 (sf)
CP., Upgraded to Aaa.ar (sf); previously on Oct
25, 2011 Assigned Ca.ar (sf)
CP., Upgraded to Ba3 (sf); previously on Oct 25,
2011 Assigned Ca (sf)
Issuer: Fideicomiso Financiero Supervielle Creditos Banex 54
VDF TVB, Affirmed at Aaa.ar (sf); previously on Nov
18, 2011 Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)
VDF TVC, Upgraded to Aaa.ar (sf); previously on Nov
18, 2011 Assigned A2.ar (sf)
VDF TVC, Upgraded to Ba3 (sf); previously on Nov 18,
2011 Assigned B3 (sf)
CP, Upgraded to Aa2.ar (sf); previously on Nov 18,
2011 Assigned C.ar (sf)
CP, Upgraded to B1 (sf); previously on Nov 18, 2011 Assigned
C (sf)
Issuer: Fideicomiso Financiero Supervielle Personales 5
CP, Upgraded to Aa2.ar (sf); previously on Jan 17,
2012 Assigned Caa2.ar (sf)
CP, Upgraded to B1 (sf); previously on Jan 17, 2012 Assigned
Caa3 (sf)
VDF TVB, Affirmed at Aaa.ar (sf); previously on Jan
17, 2012 Assigned Aaa.ar (sf)
VDF TVB, Affirmed at Ba3 (sf); previously on Jan 17,
2012 Assigned Ba3 (sf)
RATINGS RATIONALE
The upgrade reflects the sound performance of the securitized pools and
the increased credit enhancement levels due to a the turbo sequential
structure that captures the totality of the available excess spread in
the transactions to repay the rated debt.
In addition, for consumer loan transactions Moody's has changed
the distribution of defaults and prepayments used when modeling the transactions
(from a triangular to a lognormal distribution). This aligns Moody's
methodology approach for Latin America consumer loans with Moody's
approach used to rate consumer loan transactions rated in EMEA.
For more details, please refer to the updated Methodology Report:
Moody's Approach to Rating Consumer Loan ABS Transactions published
October 12, 2012.
In order to establish the updated rating levels, Moody's ran
cash flow models using lognormal distributions for defaults and prepayments.
Moody's used the current pool balance and the current balance of
the debt securities and certificates. Moody's analysis did
not consider any loans that were more than 30 days past due.
The rating of the Certificates address only the repayment of principal
before legal final.
A list of updated model assumptions and sensitivity analysis may be found
at: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF302907
Moody's National Scale 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 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 ".mx"
for Mexico. For further information on Moody's approach to national
scale ratings, please refer to Moody's Rating Methodology published
in October 2012 entitled "Mapping Moody's National Scale Ratings
to Global Scale Ratings".
REGULATORY DISCLOSURES
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 and public information.
Moody's received and took into account a third-party assessment
on the due diligence performed regarding the underlying assets or financial
instruments in these transactions and the assessment had a neutral impact
on the rating.
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.
In addition to the information provided below please find on the ratings
tab of the issuer page at www.moodys.com, for each
of the ratings covered, Moody's disclosures on the lead rating
analyst and the Moody's legal entity that has issued each of the
ratings.
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.
Martin?Fernandez Romero
Vice President - Senior Analyst
Structured Finance Group
Moody's Latin America
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 5129 2600
Maria?Ines?Muller
Senior Vice President
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Releasing Office:
Moody's Latin America
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 5129 2600
Moody's Upgrades Ratings of Several Securitizations In Argentina
