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Rating Action:

Moody's changes three Argentine financial institutions' peso-linked debt ratings currency to foreign from local

 The document has been translated in other languages

15 Feb 2018

New York, February 15, 2018 -- Moody's Investors Service has changed the ratings on peso-linked debt issuances of Banco Hipotecario S.A. (Hipotecario), Banco Supervielle S.A. (Supervielle) and Tarjeta Naranja S.A. (Naranja) to foreign currency from local currency. This rating action does not imply a change in Moody's assessment of the credit risk of any of the debt instruments affected, all of which continue to be rated B2 with stable outlook.

The following rating actions were taken on Hipotecario's $400 million pesos equivalent Class XL notes:

Withdraw global local currency debt rating, previously rated B2 with stable outlook

Assign global foreign currency debt rating of B2 with stable outlook

The following rating actions were taken on Supervielle's $300 million Class A pesos equivalent notes:

Withdraw global local currency debt rating, previously rated B2 with stable outlook

Assign global foreign currency debt rating of B2 with stable outlook

The following rating actions were taken on Naranja's $250 million Class XXXVII pesos equivalent notes:

Withdraw global local currency debt rating, previously rated B2 with stable outlook

Assign global foreign currency debt rating of B2 with stable outlook

RATINGS RATIONALE

This assignment of foreign currency ratings to the affected issuances reflects Moody's revised analytic view that these issuances remain subject to foreign exchange convertibility risk as the bonds are all payable in dollars and as such a foreign currency rating is more appropriate for this type of debt instrument, instead of the previously assigned local currency ratings. While the issuers do not bear foreign exchange rate risk, as the amount of dollars they must repay will depend on the exchange rate at the time of repayment, they are responsible for accessing the foreign exchange market in order to make principal and interest payments in U.S. Dollars under the bonds' terms and conditions.

Moody's assesses convertibility risk faced by all issuers within a country through its foreign currency debt ceiling, which can sometimes act as a constraint on ratings assigned to foreign currency debt issuances. However, Argentina's ceiling is currently B1, one notch above the B2 ratings assigned to the affected issuances. Consequently, the conversion of the ratings to foreign currency from local currency does not affect Moody's view on the credit risk inherent to Hipotecario's, Supervielle's and Naranja's issuances.

Although the specific language used to describe the bonds in their respective offering documents differs slightly -- for instance, Hipotecario and Supervielle's bonds are described as being denominated in pesos, while those of Tarjeta Naranja are denominated in dollars -- in practice, the key terms and conditions relating to the bonds' currency are effectively the same. In each of the three cases, the issuer raised an amount of Argentine pesos determined by applying the then current exchange rate to a specified dollar amount paid by investors for the bonds. However, the issuers are not obligated to repay the same amount of dollars that were initially paid, but rather the dollar equivalent of the amount of pesos the issuers received based upon the exchange rate as of the date of repayment. As such, investors, not the issuers, are exposed to foreign exchange rate risk - as would ordinarily be expected if a foreign investor were purchasing a local currency instrument.

The stable outlook on the affected ratings is in line with the stable outlook on Argentina's B2 sovereign bond rating.

Moody's has decided to withdraw the ratings for its own business reasons. Please refer to the Moody's Investors Service's Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.

WHAT COULD CHANGE THE RATING -- UP OR DOWN

As the affected ratings are all constrained by Argentina's sovereign rating, upward ratings pressure will depend upon an improvement in Argentina's government bond rating.

Similarly, the ratings would face downwards ratings pressure if the sovereign rating were lowered. The ratings could also be negatively affected if the issuers suffer a substantial deterioration in asset quality, earnings, and/or capitalization.

The principal methodology used in rating Banco Hipotecario S.A. and Banco Supervielle S.A. was Banks published in September 2017. The principal methodology used in rating Tarjeta Naranja S.A. was Finance Companies published in December 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

REGULATORY DISLCOSURES

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 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.

Marcelo De Gruttola
Asst Vice President - Analyst
Financial Institutions Group
Moody's Latin America ACR
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: 800 666 3506
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.
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