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Rating Action:

Moody's assign provisional credit risk and market risk ratings to the new fund Renta Activa Bolivianos FIA de Corto Plazo.

 The document has been translated in other languages

04 Jan 2011

Buenos Aires, January 04, 2011 -- Moody's has assigned provisional bond fund ratings to Renta Activa Bolivianos, a new fund that will managed by Santa Cruz Investments SAFI a new Bolivian Fund Sponsor.

The provisional ratings include a global bond fund scale fund rating of (P)B2 and a national scale fund rating of (P) Moody's has also assigned a market risk rating of (P)MR4 to the fund, which denotes "medium to high sensitivity" to interest rate changes and other market movements.

The Renta Activa Bolivianos investment objective is to seek a yield above the benchmark through investing in a minimum of 70% in local currency fixed income securities issued by Bolivian entities. "Based on the model portfolio information, the fund is expected to maintain a portfolio almost equally weighted in local time deposits (TD), foreign corporate bonds and daily liquidity" commented Moody's lead analyst Carlos de Nevares. Additionally the fund maturity-adjusted weighted average credit quality would be consistent with the B2/ rating level..

The fund prospectus establishes that all Latin America corporate bonds, which will represent 30% of the portfolio, should have a minimum global rating three notches above the current Bolivian global rating, giving a positive impact in the average credit quality of the fund.

The fund's MR4 market risk rating incorporates the fund's exposure to interest rate and pricing risks arising from the relative illiquidity of the Lat American corporate bonds in a difficult capital market condition . Moody's expects the fund to target a weighted average maturity of 250 days, which limits the fund's exposure to interest rate risk and so provides support for its market risk rating. However, the fund mainly will invest in time deposits issued by low global rated entities and Latam Corporate Bonds which have limited secondary markets. If, in order to meet investor redemptions, the fund had to sell these securities, it might realize losses, thereby increasing the volatility of fund net asset value ('NAV'). Given the start-up nature of the fund, Moody's inferred its likely behavior by analyzing the historical NAV volatility of other funds with similar strategies managed by the others investment managers.

The Santa Cruz Investments SAFI is a new Bolivian-domiciled subsidiary of the local financial group Santa Cruz de la Sierra Financial Group which managed over U$S 200 million mainly related to the microfinance business. As of October 2010 Santa Cruz Investments SAFI has 4 funds managing investments approximately US$25 million.

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 ".bo" for Bolivia. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in August 2010 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings."

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.

Please see ratings tab on the issuer/entity page on for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service 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 for further information.

Please see the Credit Policy page on for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Buenos Aires
Carlos de Nevares
Asst Vice President - Analyst
Managed Investments Group
Moody's Latin America, Calificadora de Riesgo
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 4816-2332

New York
Daniel Serrao
Senior Vice President
Managed Investments Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Latin America, Calificadora de Riesgo
Cerrito 1186, 11th fl
Buenos Aires C1010AAX
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 4816-2332

Moody's assign provisional credit risk and market risk ratings to the new fund Renta Activa Bolivianos FIA de Corto Plazo.
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