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27 Apr 2007
Moody's announces bank rating actions for Uruguay resulting from implementation of JDA and BFSR methodologies
New York, April 27, 2007 -- Moody's Investors Service today published the rating results for banks
in Uruguay as part of the application of its refined joint default analysis
(JDA) and updated bank financial strength rating (BFSR) methodologies.
BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors. BFSRs are
the starting point of Moody's bank credit analysis, and are an important
determinant of Moody's bank deposit and debt ratings.
Moody's then uses its JDA methodology to incorporate the potential for
external support into a bank's local currency deposit rating. The
potential for external support can reduce the riskiness of a bank's deposit
and debt obligations; however, such support is often uncertain.
Moody's uses conservative support assumptions and a limited number of
support levels to ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.
Moody's uses deposit ratings to determine bank debt ratings based on its
notching guidelines for bank securities. Ratings for foreign currency
obligations are determined after considering Moody's country ceilings
for foreign currency ratings.
The methodologies are being implemented country by country, with
results being announced on a weekly basis. Results for those banks
with a parent bank located in another country where the methodologies
have not yet been implemented will be concluded at the same time as the
parent. Moody's will conclude implementation for Credit Uruguay
Banco when implementation has been concluded for France, including
parent Credit Agricole S.A.
The BFSRs of four Uruguayan banks were upgraded by one or two notches,
as a result of their improving franchise and financial metrics.
The upgrade of the BFSR in the case of Surinvest resulted in the lift
in the local currency deposit rating by two notches to B3, from
Caa2, and to the upgrade of the national scale deposit rating.
Moody's has assigned support levels to banks in Uruguay using its
support guideline for highly dollarized countries. This guideline
takes into consideration the history of support for banks, the size,
strength and the fragmentation of the Uruguayan banking system,
as well as the extent to which a high level of dollarization may limit
Uruguay's ability to support its banks.
The global local currency deposit rating for Banco Santander Uruguay S.A.
was downgraded by one-notch to Ba1, from Baa3, primarily
due to the fact that Moody's lowered its expectations for parental support.
A moderate level of potential support is consistent with Moody's view
of support for other rated bank subsidiaries of Banco Santander Central
This press release lists the names of issuers in Uruguay whose ratings
have been changed, or affirmed. To view ratings changes and
other documents explaining Moody's bank rating methodologies, please
go to www.moodys.com/JDABanks.
The specific ratings changes are as follows:
Banco de la República Oriental del Uruguay:
The BFSR is raised to D- from E+. The Local Currency
Deposit Rating is affirmed at Baa2. The Foreign Currency Deposit
Rating is affirmed at B2. The long term Local and Foreign Currency
Deposit Ratings in National Scale are affirmed at Aaa.uy and A3.uy,
Banco Santander S.A. (Uruguay):
The BFSR is raised to D from E+. The Local Currency Deposit
Rating is downgraded to Ba1 from Baa3. The Foreign Currency Deposit
Rating is affirmed at B2. The long term Local Currency Deposit
Rating in National Scale is downgraded to Aa2.uy from Aa1.uy.
The long term Foreign Currency Deposit Rating in National Scale is affirmed
Banco Surinvest S.A.:
The BFSR is raised to E+ from E. The Local Currency Deposit
Rating is upgraded to B3 from Caa2. The Foreign Currency Deposit
Rating is upgraded to B3 from Caa2. The long term Local Currency
Deposit Rating in National Scale Rating is upgraded to Ba2.uy from
B2.uy. The long term Foreign Currency Deposit Rating in
National Scale is upgraded to Ba2.uy from B2.uy.
BankBoston Uruguay S.A.:
The BFSR is upgraded to D from E+. The Local Currency Deposit
Rating is affirmed at Ba2. The Foreign Currency Deposit Rating
is affirmed at B2. The long term Local Currency Deposit Rating
in National Scale Rating is affirmed at Aa3.uy. The long
term Foreign Currency Deposit Rating in National Scale is affirmed at
The following bank had its ratings affirmed:
Banco Hipotecario del Uruguay S.A.
ABOUT MOODY'S BANK RATINGS
Bank Financial Strength Rating
Moody's Bank Financial Strength Ratings (BFSRs) represent Moody's opinion
of a bank's intrinsic safety and soundness and, as such, exclude
certain external credit risks and credit support elements that are addressed
by Moody's Bank Deposit Ratings. Bank Financial Strength Ratings
do not take into account the probability that the bank will receive such
external support, nor do they address risks arising from sovereign
actions that may interfere with a bank's ability to honor its domestic
or foreign currency obligations. Factors considered in the assignment
of Bank Financial Strength Ratings include bank-specific elements
such as financial fundamentals, franchise value, and business
and asset diversification. Although Bank Financial Strength Ratings
exclude the external factors specified above, they do take into
account other risk factors in the bank's operating environment,
including the strength and prospective performance of the economy,
as well as the structure and relative fragility of the financial system,
and the quality of banking regulation and supervision.
Global Local Currency Deposit Rating
A deposit rating, as an opinion of relative credit risk, incorporates
the Bank Financial Strength Rating as well as Moody's opinion of any external
support. Specifically, Moody's Bank Deposit Ratings are opinions
of a bank's ability to repay punctually its deposit obligations.
As such, Moody's Global Local Currency Bank Deposit Ratings are
intended to incorporate those aspects of credit risk relevant to the prospective
payment performance of rated banks with respect to local currency deposit
obligations, and includes: intrinsic financial strength and
both implicit and explicit external support elements. Moody's Bank
Deposit Ratings do not take into account the benefit of deposit insurance
schemes which make payments to depositors, but they do recognize
the potential support from schemes that may provide assistance to banks
Foreign Currency Deposit Rating
Moody's ratings on foreign currency bank obligations derive from the bank's
local currency rating for the same class of obligation. The implementation
of JDA for banks can lead to a high local currency ratings for certain
banks, which could also produce high foreign currency ratings.
Nevertheless, it should be reminded that foreign currency deposit
ratings are in all cases constrained by the country ceiling for foreign
currency bank deposits. This may result in the assignment of a
different, and typically lower, rating for the foreign currency
deposits relative to the bank's rating for local currency obligations.
Foreign Currency Debt Rating
Foreign currency debt ratings are derived from the bank's local currency
debt rating for the same class of obligation. In a similar way
to foreign currency deposit ratings, foreign currency debt obligations
may also be constrained by the country ceiling for foreign currency bonds
and notes, however, in some cases the ratings on foreign currency
debt obligations may be allowed to pierce the foreign currency ceiling.
A particular mix of rating factors are taken into consideration in order
to assess whether a foreign currency bond rating pierces the country ceiling.
They include the issuer's global local currency rating, the foreign
currency government bond rating, the country ceiling for bonds and
the debt's eligibility to pierce that ceiling.
National Scale Rating
National scale ratings are intended primarily for use by domestic investors
and are not comparable to Moody's globally applicable ratings; rather
they address relative credit risk within a given country. An Aaa
rating on Moody's National Scale indicates an issuer or issue with the
strongest creditworthiness and the lowest likelihood of credit loss relative
to other domestic issuers. National Scale Ratings, therefore,
rank domestic issuers relative to each other and not relative to absolute
default risks. National ratings isolate systemic risks; they
do not address loss expectation associated with systemic events that could
affect all issuers, even those that receive the highest ratings
on the National Scale.
Maria Andrea Manavella
Vice President - Senior Analyst
Financial Institutions Group
M. Celina Vansetti
Senior Vice President
Financial Institutions Group
Moody's Investors Service
No Related Data.
© 2020 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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