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Rating Action:

Moody's assigns Counterparty Risk Ratings to 32 banks in Chile, Colombia, Paraguay, Peru and Central American countries and to 4 of their branches

21 Jun 2018

Ratings are assigned following 6 June 2018 update to Moody's Banks rating methodology

New York, June 21, 2018 -- Moody's Investors Service has today assigned Counterparty Risk Ratings (CRRs) to 32 banks in Chile, Colombia, Paraguay, Peru, Central America and the Dominican Republic, and four of their foreign branches. At the same time, Moody's assigned a Counterparty Risk Assessment (CRA) to Corporación Financiera de Desarrollo S.A. (COFIDE) and to Banco de Desarrollo de El Salvador (Bandesal). In addition, Moody's affirmed Bandesal and COFIDE's issuer ratings. In addition, the long and short-term CRAs of Banco Bilbao Vizcaya Argentaria Paraguay S.A. were upgraded to Baa3(cr) and P-3(cr), from Ba1(cr) and not prime(cr) respectively.

Moody's Counterparty Risk Ratings (CRR) are opinions of the ability of entities to honor the uncollateralized portion of non-debt counterparty financial liabilities (CRR liabilities) and also reflect the expected financial losses in the event such liabilities are not honored. CRR liabilities typically relate to transactions with unrelated parties. Examples of CRR liabilities include the uncollateralized portion of payables arising from derivatives transactions and the uncollateralized portion of liabilities under sale and repurchase agreements. CRRs are not applicable to funding commitments or other obligations associated with covered bonds, letters of credit, guarantees, servicer and trustee obligations, and other similar obligations that arise from a bank performing its essential operating functions.

RATINGS RATIONALE

Moody's said that the CRRs assigned to the aforementioned banks are in line with their CRAs.

Moody's does not considers any of the host countries of banks affected by this rating action to be jurisdictions with operational resolution regimes. Consequently, in assigning CRRs to these banks, the rating agency starts with the banks' adjusted Baseline Credit Assessment (BCA) and uses the agency's existing basic Loss-Given-Failure (LGF) approach, which provides one notch of uplift from the banks' adjusted BCAs to reflect the lower probability of default of CRR liabilities. In Moody's view, secured counterparties to banks typically benefit from greater protections under insolvency laws and bank resolution regimes than do senior unsecured creditors, and this benefit is likely to extend to the unsecured portion of such secured transactions in most bank resolution regimes. Moody's believes that in many cases regulators will use their discretion to allow a bank in resolution to continue to honor its CRR liabilities or to transfer those liabilities to another party who will honor them, in part because of the greater complexity of bailing in obligations that fluctuate with market prices, and also because the regulator will typically seek to preserve much of the bank's operations as a going concern in order to maximize the value of the bank in resolution, stabilize the bank quickly, and avoid contagion within the banking system.

The CRAs and CRRs then incorporate governmental support, which can result in additional uplift depending on the government's rating together with Moody's assessment of the respective government´s willingness to provide support to the bank in question. As a result, two-thirds of the assigned CRAs and CRRs are one notch above their corresponding senior unsecured debt, local currency deposit, and/or issuer ratings. All of the remaining CRAs and CRRs are aligned with their corresponding debt, local currency deposit, or issuer ratings. This is because CRAs and CRRs for these issuers receive less uplift from government support than their debt and deposit ratings due to their higher starting points. Banco Agrícola, S.A.'s CRA and CRR are constrained by El Salvador's B1 foreign currency bond ceiling.

Moody's has assigned only foreign currency CRRs to banks in Panama and El Salvador given both countries are fully dollarized.

The affirmation of Bandesal and COFIDE´s issuer rating follows Moody´s decision to rate the banks using its Banks Methodology to assess both the bank´s standalone credit fundamentals as well as government support. Previously, Moody's used its Government-Related Issuers Methodology to assess government support for these issuers. The change in methodology does not have any impact on the banks' issuer ratings.

As Bandesal's standalone BCA is already in line with the government bond rating, neither its issuer rating nor its CRA or CRR receive any ratings uplift from government support. Moody´s assesses a low probability that the Government of El Salvador will support Bandesal, of which it is the sole owner, considering the constraints on the government´s ability to support the country´s banks given the full dollarization of the economy.

For COFIDE, Moody's assesses a very high probability of government support given its government ownership -- the government support is also proven by the capitalization of multilaterals borrowings, the reinvestment of dividends, and a comfort letter issued earlier last year, in which Peru's National Government was committing to acquire up to 20% of COFIDE's CAF shares to support the entity's capitalization. This results in 6 notches of uplift to its Baa3 issuer ratings from its adjusted BCA of b3.

The following ratings were assigned to banks in Chile and their respective offshore branches:

Banco de Chile

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa3

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

Banco de Crédito e Inversiones

Local currency and foreign currency long-term Counterparty Risk Ratings of A1

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

Banco de Crédito e Inversiones (Miami Branch)

Local currency and foreign currency long-term Counterparty Risk Ratings of A1

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

Banco del Estado de Chile

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa3

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

Banco Estado, New York Branch

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa3

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

Banco Santander-Chile

Local currency and foreign currency long-term Counterparty Risk Ratings of Aa3

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

BBVA (Chile)

Local currency and foreign currency long-term Counterparty Risk Ratings of A2

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-2

Coopeuch - Cooperativa de Ahorro y Crédito

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa1

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-2

Itaú CorpBanca

Local currency and foreign currency long-term Counterparty Risk Ratings of A2

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-1

The following ratings were assigned to banks in Colombia:

Banco Davivienda S.A.

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa2

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-2

Banco de Bogotá S.A.

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa1

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-2

Banco GNB Sudameris S.A.

Local currency and foreign currency long-term Counterparty Risk Ratings of Ba1

Local currency and foreign currency short-term Counterparty Risk Ratings of Not Prime

Bancolombia S.A.

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa1

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-2

BBVA Colombia S.A.

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa1

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-2

The following ratings were assigned to banks in Costa Rica:

Banco de Costa Rica

Local currency and foreign currency long-term Counterparty Risk Ratings of Ba2

Local currency and foreign currency short-term Counterparty Risk Ratings of Not Prime

Banco Nacional de Costa Rica

Local currency and foreign currency long-term Counterparty Risk Ratings of Ba1

Local currency and foreign currency short-term Counterparty Risk Ratings of Not Prime

The following ratings were assigned to banks in Dominican Republic:

Banco de Reservas de la República Dominicana

Local currency and foreign currency long-term Counterparty Risk Ratings of Ba3

Local currency and foreign currency short-term Counterparty Risk Ratings of Not Prime

The following ratings and assessments were assigned to banks in El Salvador:

Banco Agrícola, S.A.

Foreign currency long-term Counterparty Risk Rating of B1

Foreign currency short-term Counterparty Risk Rating of Not Prime

Banco de Desarrollo de El Salvador

Foreign currency long-term Counterparty Risk Rating of B2

Foreign currency short-term Counterparty Risk Rating of Not Prime

Long-term Counterparty Risk Assessment of B2(cr)

Short-term Counterparty Risk Assessment of Not Prime(cr)

The following ratings for banks in El Salvador were affirmed

Banco de Desarrollo de El Salvador

Long-term foreign currency issuer rating of B3, stable

The following ratings were assigned to banks in Guatemala:

Banco de los Trabajadores

Local currency and foreign currency long-term Counterparty Risk Ratings of B2

Local currency and foreign currency short-term Counterparty Risk Ratings of Not Prime

Banco Industrial S.A.

Local currency and foreign currency long-term Counterparty Risk Ratings of Ba1

Local currency and foreign currency short-term Counterparty Risk Ratings of Not Prime

The following ratings were assigned to banks in Panama:

BAC International Bank, Inc

Foreign currency long-term Counterparty Risk Rating of Baa2

Foreign currency short-term Counterparty Risk Rating of Prime-2

Banco General, S.A.

Foreign currency long-term Counterparty Risk Rating of Baa1

Foreign currency short-term Counterparty Risk Rating of Prime-2

Banco Internacional de Costa Rica, S.A.

Foreign currency long-term Counterparty Risk Rating of Ba3

Foreign currency short-term Counterparty Risk Rating of Not Prime

Banco Latinoamericano de Comercio Exterior

Foreign currency long-term Counterparty Risk Rating of Baa1

Foreign currency short-term Counterparty Risk Rating of Prime-2

Global Bank Corporation and Subsidiaries

Foreign currency long-term Counterparty Risk Rating of Baa3

Foreign currency short-term Counterparty Risk Rating of Prime-3

The following ratings were assigned to banks in Paraguay:

Banco Basa S.A.

Local currency and foreign currency long-term Counterparty Risk Ratings of Ba2

Local currency and foreign currency short-term Counterparty Risk Ratings of Not Prime

Banco Bilbao Vizcaya Argentaria Paraguay S.A.

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa3

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-3

Banco Continental S.A.E.C.A.

Local currency and foreign currency long-term Counterparty Risk Ratings of Ba1

Local currency and foreign currency short-term Counterparty Risk Ratings of Not Prime

Banco Regional S.A.E.C.A

Local currency and foreign currency long-term Counterparty Risk Ratings of Ba1

Local currency and foreign currency short-term Counterparty Risk Ratings of Not Prime

The following assessments of banks in Paraguay were upgraded:

Banco Bilbao Vizcaya Argentaria Paraguay

Long-term counterparty risk assessment to Baa3 (cr), from Ba1(cr)

Short-term counterparty risk assessment to P-3(cr), from Not Prime(cr)

The following ratings were assigned to banks in Peru and their respective offshore branches:

Banco de Crédito del Peru

Local currency and foreign currency long-term Counterparty Risk Ratings of A3

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-2

Banco de Crédito del Peru, Panama Branch

Foreign currency long-term Counterparty Risk Ratings of A3

Foreign currency short-term Counterparty Risk Ratings of Prime-2

Banco Internacional del Peru -- Interbank

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa1

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-2

Banco Internacional del Peru (Panama Branch)

Foreign currency long-term Counterparty Risk Ratings of Baa1

Foreign currency short-term Counterparty Risk Ratings of Prime-2

Corporación Financiera de Desarrollo S.A.

Local currency and foreign currency long-term Counterparty Risk Ratings of Baa2

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-2

Long term Counterparty Risk Assessment of Baa2(cr)

Short term Counterparty Risk Assessment of Prime-2(cr)

Scotiabank Peru

Local currency and foreign currency long-term Counterparty Risk Ratings of A3

Local currency and foreign currency short-term Counterparty Risk Ratings of Prime-2

The following ratings for banks in Peru were affirmed

Corporación Financiera de Desarrollo S.A.

Local Currency and foreign currency long-term issuer rating of Baa3, negative

What Could Change the Rating Up/Down

Chilean Banks

The CRRs of Banco de Chile, Banco Santander-Chile, Banco del Estado de Chile, and Banco de Crédito e Inversiones could be upgraded if the sovereign rating were to be upgraded; however, there is limited upward rating pressure at present given the negative outlook on the sovereign rating. The CRR of Itaú CorpBanca could be upgraded if the bank's capitalization improves. An upgrade of BBVA (Chile)'s CRR would be prompted by a combination of improvements in its capitalization and profitability, and an upgrade of the adjusted BCA of its current parent, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA Spain, Deposits: A2 stable, Senior Unsecured: A3 stable, BCA: baa2). Following the completion of the bank's pending sale to Bank of Nova Scotia (Deposits: A1 negative, BCA: a3), however, an improvement in the bank's financial fundamentals will be sufficient to prompt an upgrade of the CRR. Coopeuch -- Cooperativa de Ahorro y Crédito's CRR could be upgraded if it is able to execute its five-year expansion plan without a major deterioration in its capitalization, asset quality or profitability.

The CRRs of Banco de Chile, Banco Santander-Chile, Banco del Estado de Chile, and Banco de Crédito e Inversiones could be downgraded if the Chilean sovereign rating is downgraded, in line with its negative outlook. The CRRs of Banco de Chile and Banco Santander-Chile, as well as BBVA (Chile) and Coopeuch -- Cooperativa de Ahorro y Crédito, could also be downgraded as a result of a substantial deterioration in asset quality, earnings generation, and capitalization. The CRR of Itaú CorpBanca could be downgraded if the bank's profitability weakens or asset risk increases, or if its dependence on wholesale funding does not decrease.

Colombian Banks

The CRRs of Bancolombia S.A., Banco de Bogotá S.A., and BBVA Colombia S.A. could be upgraded if the sovereign rating were to be upgraded; however, there is limited upward rating pressure at present given the negative outlook on the sovereign rating. The CRR of Banco Davivienda S.A. could be upgraded if the sovereign rating were to be upgraded together coupled with an improvement in the bank's financial fundamentals. Upward pressure on Banco GNB Sudameris S.A.'s CRR could arise from a substantial improvement in capitalization, a significant and sustainable increase in core earnings, and/or an improvement in the bank's funding structure.

The CRRs of Bancolombia S.A. and Banco de Bogotá S.A. could be downgraded if the Colombia sovereign rating is downgraded, in line with its negative outlook if their asset quality continues to deteriorate, or their capital ratios weaken. The CRR of Banco Davivienda S.A. could be downgraded if asset risk and profitability continue to deteriorate and/or the bank is unable to sustain capitalization at current levels. The CRR of BBVA Colombia S.A. could be downgraded if its liquidity position, capitalization, or profitability weaken or if the standalone BCA of its parent, BBVA Spain, were to be downgraded. Banco GNB Sudameris S.A.'s CRR could be downgraded if the bank's reliance on wholesale funding increases and/or its liquidity position deteriorates.

Central American banks

The CRRs of Global Bank Corporation and Subsidiaries (Global Bank), BAC International Bank, Inc (BAC), Banco Latinoamericano de Comercio Exterior (Bladex), Banco de los Trabajadores (Bantrab) and Banco Internacional de Costa Rica, S.A. (BICSA) would be upgraded if their financial fundamentals improve. The CRRs of Banco Industrial S.A. (Banco Industrial), Bandesal, Banco de Costa Rica (BCR), Banco Nacional de Costa Rica (BNCR), Banco General, S.A. (Banco General), Banco Agrícola and Banco de Reservas de la Republica Dominicana (Banreservas) could be upgraded if the respective sovereigns of Guatemala, El Salvador, Costa Rica, Panama and the Dominican Republic are upgraded.

The CRRs of Global Bank, BAC, Bladex, Bantrab and BICSA would be downgraded if their asset quality, profitability, and/or capital levels deteriorate. The CRRs of Banco Industrial, Bandesal, BCR, BNCR, Banreservas and Banco Agrícola, S.A. (Banco Agricola) would be downgraded following a downgrade in the respective sovereign ratings. Banco General's CRR would be lowered if either its financial fundamentals deteriorte, or if Panama's sovereign rating is downgraded, though this is unlikely at present given the positive outlook on the government's rating.

Paraguayan Banks

Paraguayan banks' CRR's could face positive pressure as a result of improved profitability and asset quality, as well as increased portfolio diversification. Negative pressure on CRRs could result from persistent deterioration in asset quality or a decline in profitability. Additionally, a downgrade of Paraguay's ratings and deposit ceilings would lead to lower CRRs at Banco Continental S.A.E.C.A., Banco Regional S.A.E.C.A. and Banco Basa S.A.. Banco Bilbao Vizcaya Argentaria Paraguay S.A.'s CRR could also face upward or downward pressure if the ratings of its support provider, BBVA Spain were to be upgraded or downgraded.

Peruvian Banks

Peruvian banks' CRR's could face positive pressure if their asset risk and capitalization improve. Negative pressure on CRRs could result from persistent deterioration in asset quality, profitability, and/or capital. Additionally, a downgrade of Peru's sovereign ratings would lead to lower CRRs.

The principal methodology used in these ratings was Banks published in June 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

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.

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.

The below contact information is provided for information purposes only. Please see 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 the ratings.

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.

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

Felipe Carvallo
VP - Senior Credit Officer
Financial Institutions Group
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 1 888 779 5833
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 Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
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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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 rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS 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 rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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

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