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Rating Action:

Moody's concludes review on Banco Angolano de Investimentos by confirming ratings, maintains negative outlook

21 Jul 2017

London, 21 July 2017 -- Moody's Investors Service has today concluded its rating review of Banco Angolano de Investimentos, S.A. (BAI) by confirming the baseline credit assessment (BCA) and adjusted BCA of b3 as well as the long-term local currency deposit rating of B1, long-term foreign currency deposit rating of B2 and long-term Counterparty Risk (CR) Assessment of B1(cr). The bank's short-term local- and foreign-currency Not Prime deposit ratings and Not Prime(cr) CR Assessment were not under review. Moody's maintains a negative outlook on BAI's ratings in line with the negative outlook on the government of Angola's issuer rating.

Today's rating action concludes the review for downgrade on BAI's ratings, which was initiated on 1 March 2017 (see press release https://www.moodys.com/research/--PR_362674).

The confirmation of BAI's BCA reflects Moody's assessment that, despite ongoing system-wide challenges in clearing dollar transactions (on account of a tightening in the availability of services provided by international correspondent banks), BAI has demonstrated having the flexibility to meet its dollar obligations (primarily corporate deposit obligations).

The confirmation of BAI's long-term ratings reflects our view that the Angolan government's capacity to provide support to the banks in times of stress remains unchanged as reflected by the affirmation of the Angolan government's issuer rating of B1, negative on 7 April 2017 (see press release https://www.moodys.com/research/--PR_364560).

The maintenance of our negative outlook on BAI's rating reflects the negative outlook on the government of Angola and the continued vulnerability of BAI's credit profile to the challenging operating environment.

A list of affected ratings is provided at the end of this press release.

RATINGS RATIONALE

CONFIRMATION OF BAI'S STANDALONE CREDIT PROFILE

The primary driver for confirming BAI's BCA, despite the ongoing system-wide challenges in clearing dollar transactions, is the bank's demonstrated capacity to meet its dollar obligations through a mix of solutions. Unlike other banks in the system, BAI has been able to preserve some dollar correspondent bank relationships, while also using other foreign currencies as an alternative route to complete dollar transactions. In addition, the bank's large foreign currency liquidity buffers act as a cushion in case of unexpected deterioration in foreign currency access.

CONFIRMATION OF LONG-TERM RATINGS

The other driver of today's rating action is our view that the Angolan government's capacity to provide support to Angolan banks in times of stress remains unchanged, as reflected by the affirmation of the Angolan government's issuer rating of B1, negative on 7 April 2017. Additionally, we do not expect the willingness of the Angolan government to provide support for BAI in times of stress to change given the bank's systemic importance - holding approximately 16% market share in terms of deposits (the largest in the banking system).

OUTLOOK

The maintenance of our negative outlook on BAI's ratings reflects the negative outlook on the support provider, the government of Angola, as well as the continued vulnerability of BAI's financial performance to the challenging operating environment. Although the bank has found ways to navigate Angola's challenging foreign currency environment, as reflected by today's confirmation of BAI's ratings, it is not immune to the broader economic impact of these challenges on the bank's borrowers given its high level of foreign currency lending (45% of total loans), which could adversely affect the bank's asset quality, profitability and capital metrics going forward.

WHAT COULD CHANGE THE RATINGS UP OR DOWN

There is limited upside pressure on the bank's ratings given the negative outlook on the government's issuer rating (the government is the support provider).

BAI's ratings could be downgraded if (1) risks related to BAI's funding and liquidity intensify, including the imposition of tighter transfer or convertibility restrictions on foreign currencies, (2) there is a deterioration in the bank's financial metrics beyond what is already assumed in the ratings, and/or (3) there is a deterioration in the capacity of the government to provide support to BAI, in case of need.

LIST OF AFFECTED RATINGS

Issuer: Banco Angolano de Investimentos, S.A.

Confirmations:

....LT Bank Deposits (Local Currency), Confirmed at B1, Outlook Changed To Negative From Rating Under Review

....LT Bank Deposits (Foreign Currency), Confirmed at B2, Outlook Changed To Negative From Rating Under Review

....Adjusted Baseline Credit Assessment, Confirmed at b3

....Baseline Credit Assessment, Confirmed at b3

....LT Counterparty Risk Assessment, Confirmed at B1(cr)

Outlook Actions:

....Outlook, Changed To Negative From Rating Under Review

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in January 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

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.

Items color coded in purple in this Press Release relate to unsolicited ratings for a rated entity which is non-participating.

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.

Akin Majekodunmi
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Sean Marion
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

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.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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