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Global Credit Research - 27 Aug 2010
Mexico, August 27, 2010 -- Moody's Investors Service affirmed Banco Interacciones, S.A.
(Interacciones)'s D bank financial strength rating (BFSR),
and changed the outlook to positive, from stable. At the
same time, Moody's affirmed all other existing ratings for
Interacciones, including the local and foreign currency deposit
ratings of Ba1/Not Prime and A1.mx/MX-2 Mexican National
Scale ratings. The outlooks on these ratings were also changed
to positive, from stable.
The Ba1/Not Prime local currency and A1.mx/MX-2 issuer ratings
of Interacciones Casa de Bolsa, S.A. de C.V.
(CB Interacciones) were also affirmed with a positive outlook.
In changing the outlook to positive, Moody's emphasized Interacciones'
steady loan growth rate over the past years, as it continued to
focus on its core business of lending to Mexican local and regional government
entities, while maintaining good asset quality and profitability
metrics. This is indicated by average core profits of 6.43%
and low delinquency ratios below 1% over the past three years.
Moody's also noted the enhancements introduced in the bank's
risk management structure as it strengthened its risk governance and monitoring,
and which should support the bank's future growth plans.
The rating agency, however, said that Interacciones'
loan concentration -- measured as its credit exposure by
industry segment and by large single creditors against either its core
profits or core capital -- remains high and may add volatility
to the bank's earnings, were such exposures to become problem
credits. Moreover, increasing competition in Interacctiones
target market, including that by large Mexican banks, may
result in margin compression and increased risk if the bank were pressured
to move down market.
The last rating action on Interacciones was on June 25, 2010 when
Moody's assigned local currency Ba1 and A1.mx Mexican National
Scale debt ratings to Interacciones' senior debt program.
The principal methodologies used in rating Interacciones were "Bank Financial
Strength Ratings: Global Methodology" and "Incorporation of Joint
Default Analysis into Moody's Bank Ratings: A Refined Methodology"
available on www.moodys.com in the Rating Methodologies
sub-directory under the Research & Ratings tab. Other
methodologies and factors that may have been considered in the process
of rating this issuer can also be found in the Rating Methodologies sub-directory
on Moody's website.
The long-term Mexican National Scale rating of A1.mx indicates
issuers or issues with the above average creditworthiness relative to
other domestic issuers. The short-term Mexican National
Scale ratings of MX-2 indicate that the issuer has the above average
ability to repay short-term senior unsecured debt obligations relative
to other domestic issuers.
Headquartered in Mexico City, Interacciones is specialized in lending
to Mexican states and municipalities. As of June 2010, the
bank had nearly Mx$77.4 billion in assets.
The following ratings on Banco Interacciones were affirmed, and
the outlook was changed to positive, from stable:
- D, Bank financial strength rating
- Ba1, Local and foreign currency deposits, long term
- Not Prime, Local and foreign currency deposits, short
- Ba1 Local currency senior debt rating, long term
- Not Prime Local currency senior debt rating, short term
- Ba2 Local currency subordinated debt rating, long term
- A1.mx/MX-2 Mexican National Scale ratings
- A1.mx/MX-2 Mexican National Scale senior debt ratings
- A2.mx Mexican National Scale subordinated debt rating,
The following actions were taken on Casa de Bolsa Interacciones,
- Local currency issuer rating, long term: Ba1,
affirmed; outlook changed to positive from stable
- Local currency issuer rating, short term: Not Prime,
- Mexican National Scale issuer rating, long term:
A1.mx, affirmed; outlook changed to positive from stable
- MX-2 Mexican National Scale issuer rating, short
David Olivares Villagomez
VP - Senior Credit Officer
Financial Institutions Group
Moody's de Mexico S.A. de C.V
M. Celina Vansetti
Senior Vice President
Financial Institutions Group
Moody's Investors Service
Moody's de Mexico S.A. de C.V
Moody's changes to positive outlook on Banco Interacciones' ratings
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
No Related Data.
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