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Global Credit Research - 30 Jun 2010
Buenos Aires, June 30, 2010 -- Moody's Investors Service assigned a bank financial strength rating (BFSR)
of E+ (E plus) to Cooperativa Jesús Nazareno LTDA (CJN).
At the same time, Moody's assigned long- and short-term
global local-currency deposit ratings of B2 and Not Prime,
as well as long- and short-term foreign-currency
deposit ratings of B3 and Not Prime. Moody's Latin America also
assigned CJN a Aa3.bo and BO-1 local-currency long-
and short-term deposit ratings and an A1.bo and BO-1
foreign currency long- and short-term deposit ratings in
the Bolivian national scale.
At the same time, Moody's Investors Service placed CJN's
global foreign currency deposit rating of B3 under review for possible
upgrade. These actions follow Moody's review of Bolivia's
country ceiling for foreign currency deposits. For details,
please refer to Moody's press release "Moody's places
Bolivia's ratings on review for possible upgrade", dated
June 24, 2010. Moody's Latin America also placed the
foreign currency deposit rating of A1.bo under the Bolivian national
scale also under review for possible upgrade. The outlook on the
remaining ratings is stable.
Moody's said the E+ BFSR, which maps to a baseline credit assessment
of B2, reflects CJN's established franchise within the Bolivian
credit cooperative system, illustrated by its 24% share of
the loan market and 23% share of the deposit market. CJN's
portfolio is mainly split between consumer loans and micro-lending,
with a dominant footprint in the area of Santa Cruz.
The rating also incorporates CJN's proven risk management practices,
which have resulted in adequate financial fundamentals, illustrated
by low delinquency ratios and sustained profitability. The bank's
non-performing loan portfolio has averaged 2.9% of
the total lending book over the last three years, while the net
interest margin averaged 9.9% during this period.
CNJ's capitalization remains good, illustrated by a three-year-average
Tier 1 capital ratio of 21%. Moody's also noted that CJN
funding and liquidity are well diversified, with deposits from individuals
representing 91% of total liabilities.
Moody's also said that the ratings capture CJN's still modest
size relative to the Bolivian financial system, at 5% of
its assets. As a result, CJN has to deal with competition
from much larger entities, including commercial banks and non-bank
Fondos Financieros Privados. Moreover, as a credit cooperative.
CNJ is constrained by local regulations in its product offering ability,
which can not include credit cards, current accounts and trade financing.
As a result, Moody's views CNJ's growth prospects as
more limited than its competitors', a development that may
challenge the company to preserve currently healthy financial fundamentals.
Cooperativa Jesús Nazareno LTDA, is headquartered in Santa
Cruz de la Sierra, Bolivia. It had assets of Bs. 871.4
million and deposits of Bs. 676 million, as of March 2010.
The following ratings were assigned to Cooperativa Jesús Nazareno
Bank Financial Strength Rating: E+, stable outlook.
Long and short term global local-currency deposit ratings:
B2 and Not Prime, stable outlook.
Long term foreign currency deposit rating: B3 under review for possible
Short term foreign currency deposit rating: Not Prime, stable
Long and short Term National Scale Local Currency Deposit Rating:
Aa3.bo and BO-1, stable outlook
Long Term National Scale Foreign Currency Deposit Rating: A1.bo,
under review for possible upgrade.
Short Term National Scale Foreign Currency Deposit Rating: BO-1,
Maria Andrea Manavella
VP - Senior Credit Officer
Financial Institutions Group
M. Celina Vansetti
Senior Vice President
Financial Institutions Group
Moody's Investors Service
Moody's assigns first-time ratings to Cooperativa Jesús Nazareno LTDA (Bolivia)
No Related Data.
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