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Rating Action:

Moody's assigns first-time ratings to Banco Yamaha Motor Do Brasil S.A.; outlook stable

20 Sep 2019

New York, September 20, 2019 -- Moody's Investors Service has today assigned Banco Yamaha Motor Do Brasil S.A. (Banco Yamaha) a Ba1/Not Prime long- and short-term local currency and Ba3/ Not Prime foreign currency deposit ratings, following the assignment of a ba3 baseline credit assignment (bca). At the same time, Moody's assigned Banco Yamaha an Aaa.br/ BR-1 long-and short-term national scale deposit ratings, as well as a Baa3/Prime-3 long- and short-term local currency counterparty risk ratings and Ba1/NP long- and short-term foreign currency counterparty risk ratings, and a Baa3(cr)/ Prime-3 (cr) long- and short-term counterparty risk assessments. A full list of affected ratings can be found at the end of this press release.

RATINGS RATIONALE

The Ba1 deposit ratings reflect Banco Yamaha's role as the captive finance arm of Yamaha Motors do Brasil, the Brazilian affiliate of Japan's Yamaha Motor Company Limited (A3 stable), solely engaged in financing sales of motorcycles. As such, Banco Yamaha's strategy and operations are closely tied to those of the manufacturing company and the rating, therefore, incorporates our assessment of a very high probability of support. This assessment results in two notches of uplift to Moody's ba3 BCA for Banco Yamaha. The BCA is underpinned by its ample and above-peers' capitalization and high profitability, which mitigate the risks posed by a weak asset quality relative to peers, and a predominantly confidence sensitive funding profile.

The stable ratings outlook reflects Moody's expectation that Banco Yamaha will continue to report adequate financial metrics over the next 12 to 18 months, supported by consistent growth in the sale and financing of Yamaha's motorcycles that results in stable delinquency levels, robust capital cushion and resilient earnings generation.

Banco Yamaha's loan portfolio tends to grow in line with the growth of Yamaha's motorcycle sales, reflecting its sizable 70% share of financed sales. In turn, motorcycles sales are correlated to economic activity. In the 12 months to June 2019, Banco Yamaha's loan growth was 27.4%, which is above the 16.8% auto lending median growth; management forecasts continuing double-digit expansion into 2020, boosted by a gradually recovering economy and the manufacturer' strategic focus on differentiated products.

Banco Yamaha's asset quality is weaker than other captive auto lenders because of its exclusive focus on motorcycles, an asset class that is sensitive to economic downturns and unemployment rates. While the bank's non-performing loan (NPL) ratio of 6.2% in the 2Q2019 is above the 3.3% system-wide delinquency for auto loans, it is better than the system's 7.4% NPL for unsecured personal loans. In addition, its loans are highly granular, helping offset the structural risks posed by sector concentration. Plans to expand financing through a pre-paid private label card could broaden the universe of potential borrowers without further impairing asset quality if loan origination standards are maintained. While unemployment remains stubborningly high, ongoing economic recovery will continue to benefit borrower repayment capacity, along with low interest rates and increasing credit offering.

Moody's said Banco Yamaha's profitability, as measured by net income relative to tangible banking assets, has averaged 2.3% over the past three years, which is solidly above peers' and the system's average. This stems from the bank's historically high yielding loans, which combined to favorable funding costs results in strong net interest margins over 15% as of June 2019. In addition, Banco Yamaha's profitability is aided by high operating efficiency and credit costs that have averaged modest 30% of interest income. On the other hand, Moody's acknowledges the challenges to the bank's profitability that derive from low earnings diversification and the inherent competitive pressures from large private banks, as well as the low interest rates scenario.

A key credit strength is Banco Yamaha's high capitalization reflected in a Moody's TCE ratio, calculated as tangible common equity (TCE) relative to risk weighted assets (RWAs), that has been higher than 19% over the past three years. The bank's consistent policy of earnings retention provides capital management flexibility to absorb unexpected losses in a downturn, along with supporting the anticipated double-digit loan growth in 2020.

Banco Yamaha's ratings, on the other hand, are constrained by its reliance on market funds and the low level of liquid assets. About one third of the bank's funds are sourced from related parties in the form of time deposits, while the bulk of resources refer to borrowings and interbank deposits with Japanese and Brazilian large banks, resulting in a fairly concentrated funding profile. Despite the bank's actions to diversify its funding sources amongst other institutional depositors, including asset managers, we expect no material change in its funding profile in the next 12 to 18 months because these deposits tend to be less 'sticky' than traditional retail and corporate deposits. Additionally, its stock of liquid assets is very modest relative to similarly rated banks, which is partially offset by a match-funded balance sheet, evidencing the bank's conservative liquidity management.

Moody's does not have any particular governance concerns for Banco Yamaha, and does not apply any corporate behavior adjustment to the bank. On the other hand, similarly to other captive auto banks, we assign a negative qualitative adjustment to Banco Yamaha's financial profile to reflect the monoline characteristics of its business.

Banco Yamaha's long-term global local currency deposit rating of Ba1 is two notches above the bank's standalone ba3 BCA, which incorporates Moody's assessment of a very-high willingness by the bank's Japan-based affiliate Yamaha Motor Company Limited (A3/stable) to provide support in the event that Banco Yamaha faces financial stress. The assessment of very high willingness to provide support stems from the bank's and its parent's shared business focus.

These credit strengths are reflected in the Aaa.br NSR, which is the highest NSR category in Brazil that correspond to the Ba1 Global Scale Rating.

WHAT COULD CHANGE THE RATING UP/DOWN

The bank's ratings could face negative pressures as a result of material deterioration of asset quality and profitability, arising from higher provisions and an increase in funding costs. A consistent decline in profitability could compromise the bank's capacity to replenish capital through earnings, which could be negative in the long run.

A material improvement in the bank's liquidity and funding condition as well as on its asset quality ratios would be triggers for a potential upgrade.

PRINCIPAL METHODOLOGY

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

Headquartered in São Paulo, Banco Yamaha reported total assets of BRL1,142 million ($298 million) and total shareholders' equity of BRL187 million ($26 million) as of 30 June 2019.

LIST OF AFFCTED RATINGS

Issuer: Banco Yamaha Motors Do Brasil S.A.

Assignment:

.... Long-term local currency bank deposit rating, Ba1, outlook stable

.... Short-term local currency bank deposit rating, NP

.... Long-term foreign currency bank deposit rating, Ba3, outlook stable

.... Short-term foreign currency bank deposit rating, NP

.... Brazilian long-term bank deposit rating, Aaa.br

.... Brazilian short-term bank deposit rating, BR-1

.... Long-term local currency counterparty risk rating, Baa3

.... Short-term local currency counterparty risk rating, Prime-3

.... Long-term foreign currency counterparty risk rating, Ba1

.... Short-term foreign currency counterparty risk rating, NP

.... Brazilian long-term counterparty risk rating, Aaa.br

.... Brazilian short-term counterparty risk rating, BR-1

.... Baseline credit assessment, ba3

.... Adjustment baseline credit assessment, ba1

.... Long-term counterparty risk assessment, Baa3 (cr)

.... Short-term counterparty risk assessment, Prime-3(cr)

. Stable Outlook.

REGULATORY DISCLOSURES

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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.

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.

Araes Theresangela
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: 0 800 891 2518
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.
© 2021 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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