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Rating Action:

Moody's assigns first-time ratings to Banco PSA Finance Brasil

05 Dec 2011

Sao Paulo, December 05, 2011 -- Moody's Investors Service assigned a bank financial strength rating (BFSR) of D- (D minus) to Banco PSA Finance Brasil S.A. ("Banco PSA"). At the same time, Moody's assigned Ba1 and Not Prime long- and short-term global local-currency deposit ratings to the entity, as well as long- and short-term foreign currency deposit ratings of Ba1 and Not Prime. Moody's also assigned to Banco PSA a Aa2.br and BR-1 long-and short-term local-currency deposit ratings in the Brazilian national scale. The outlook on all the ratings is stable.

RATING RATIONALE

Moody's said that its ratings for Banco PSA incorporate the bank's business franchise as a full financial agent for PSA Peugeot & Citroën in Brazil, which in turn has a commercial and strategic dependence on its parent, Banque PSA Finance, as part of the PSA Peugeot - Citroën Group of France. Likewise, the BFSR incorporates the entity's adequate risk-management policies and procedures that are aligned to its parent's, and which reflects in conservative lending policies and well built asset portfolio. The ratings also capture Banco PSA's operational agreement with Banco Santander Brasil, which comprises funding and operational support, thereby benefiting the bank's loan origination capability, liquidity, and its efficiency, as it outsources its back office operations to Santander. Adequate capitalization levels at the bank reflect stable earnings generation and a policy of earnings retention, which should support future growth plans.

The ratings are constrained by Banco PSA's limited banking operation in the Brazilian market, as reflected by the Group PSA's modest market share and monoline business origination focused on consumer vehicle financing, a profile that inherently results in poor earnings diversification. Just recently, the bank has added related insurance brokerage services to its product mix. Banco PSA's relatively concentrated funding profile is largely reliant on interbank lending; management's plans to diversify funding sources and conditions would benefit the bank's liquidity and margins over the medium term. However, Moody's noted that a more difficult operating environment, coupled with increasing competition in the car financing segment, could challenge the bank's financial metrics, and its profitability and asset quality in particular.

Moody's Ba1 global local-currency deposit rating incorporates Banco PSA's Baseline Credit Assessment of Ba3, as well as Moody's assessment of the high probability of parental support in case of stress. Banco PSA ranks as one of the top largest earnings contributor to Banque PSA globally, and it is therefore, an integral part of the group's global strategy, aligned with the automaker's growth plans. Our support assessment results in a two-notch uplift of the local currency deposit rating to Ba1.

The principal methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Banco PSA is headquartered in São Paulo, Brazil, and it presented unconsolidated assets of BRL 1.62 billion (or approximately USD 1.04 billion) and equity amounting to BRL 285.4 million, as of June 2011.

The following ratings were assigned to Banco PSA:

Bank Financial Strength Rating: D-, with stable outlook

Long- and short-term global local-currency deposit ratings: Ba1 and Not Prime, with stable outlook

Long- and short-term foreign currency deposit ratings: Ba1 and Not Prime, with stable outlook

Long-Term and short-term National Scale Local-Currency Deposit Ratings: Aa2.br and BR-1, with stable outlook

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 Implementation Guidance published in August 2010 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

Although this credit rating has been issued in a non-EU country which has not been recognized as endorsable at this date, this credit rating is deemed "EU qualified by extension" and may still be used by financial institutions for regulatory purposes until 31 January 2012. ESMA may extend the use of credit ratings for regulatory purposes in the European Community for three additional months, until 30 April 2012, if ESMA decides that exceptional circumstances arise that may imply potential market disruption or financial instability. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

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 the rating are the following : parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a 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 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.

Ricardo Kovacs
Vice President - Senior Analyst
Financial Institutions Group
Moody's America Latina Ltda.
Avenida Nacoes Unidas, 12.551
16th Floor, Room 1601
Sao Paulo, SP 04578-903
Brazil
JOURNALISTS: 800-891-2518
SUBSCRIBERS: 55-11-3043-7300

M. Celina Vansetti
MD - Banking
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's America Latina Ltda.
Avenida Nacoes Unidas, 12.551
16th Floor, Room 1601
Sao Paulo, SP 04578-903
Brazil
JOURNALISTS: 800-891-2518
SUBSCRIBERS: 55-11-3043-7300

Moody's assigns first-time ratings to Banco PSA Finance Brasil
No Related Data.
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