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Rating Action:

Moody's downgrades BSI AG's deposit ratings to A3/Prime-2

02 Dec 2015

Ratings stay on review for further downgrade

Frankfurt am Main, December 02, 2015 -- Moody's Investors Service today downgraded BSI AG's (BSI) long- and short-term deposit ratings to A3/Prime-2, from A2/Prime-1. The bank's baseline credit assessment (BCA) has also been downgraded to baa2, from baa1. Subsequently, Moody's downgraded BSI's long-term Counterparty Risk Assessment to Baa2(cr) and placed the Prime-2(cr) short-term Counterparty Risk Assessment on review for downgrade.

All ratings remain under review for further downgrade following today's rating actions.

A full list of affected ratings can be found at the end of this press release.

Today's rating actions follow the downgrade and placing on review for further downgrade of BSI's ultimate parent Banco BTG Pactual S.A. (BTG)'s ratings on 1 December 2015 (see: https://www.moodys.com/research/--PR_340068).

RATINGS RATIONALE

In downgrading BSI's ratings, Moody's incorporates the ongoing concerns about negative implications for the firm's franchise, and for its relationship with its customers and counterparties, that may develop from the extension of the detention of BTG's CEO and chairman and his subsequent resignation. The situation remains in flux, and Moody's keeps acknowledging that the outcome and timing of the events remain highly uncertain.

Whilst linkages - operationally, financially and culturally - between BTG and BSI remain relatively limited, ongoing investigations into allegations against BTG's former CEO could spill over and negatively affect BSI's reputation amongst its global private banking clientele, specifically with regard to its relatively large Latin American franchise. As a result, the rating agency cannot rule out shorter-term client defections that may have a negative impact on BSI's deposit base and/or its assets under management (AuM) and thus - ultimately - its earnings generation capacity.

However, Moody's continues to recognize the stable funding base of BSI that the rating agency understands of not having been affected by the situation at BTG thus far. BSI's funding is largely composed of client deposits and its ample liquidity reserve will help mitigate any potential pressure on its highly liquid balance sheet that may result from unexpectedly large client deposit outflows. BSI and BTG further do not share clients, only co-operate on a limited number of private banking products and are inter-linked on funding and/or financial investments in a very limited manner. The rating agency notes that Swiss regulation prevents capital transfers to BTG and limits counterparty risks, i.e. investments into BTG, to 25% of BSI's eligible capital or approximately 5% of its balance sheet. The rating agency has reflected these factors by limiting the downgrade of BSI's BCA to one notch as opposed to two notches at BTG, thereby widening the inverse rating gap to its parent's ba2 BCA to three notches, from two.

During the continued review, Moody's will keep assessing any visible or foreseeable effects that the situation may have on BSI's client business, specifically with regards to the evolution of AuM and/or any key client or relationship officer defections which bear the potential of negatively affecting BSI's franchise stability and -ultimately- earnings generation capacity. In addition, the review will focus on any measures that BSI has taken to shield its franchise from negative effects from the current developments at BTG, specifically with regards to a potential transfer of risks between BTG and BSI, both off- and on-balance sheet.

BSI's ratings could be confirmed at current levels if Moody's concludes that: (1) the company is not or only to a negligible extent affected by the developments at its parent BTG, offering the potential for a further widening of the inverse rating gap between BSI and BTG (currently three notches); (2) there continue to be limited inter-linkages between BTG and BSI with regards to on- and off-balance sheet activities and (3) investigations of Brazilian authorities do not find any further evidence against BTG and/or its former CEO.

WHAT COULD CHANGE THE RATING UP/DOWN

There is no upward pressure on BSI's ratings as indicated by the continued review for downgrade.

BSI's deposit ratings could be downgraded as a result of any of the following: (1) a further downgrade of BTG's ratings; (2) indications of strongly rising inter-linkages between BSI and its parent affecting the currently low business and funding risks; (3) a weakening of the bank's standalone creditworthiness due to e.g. currently unforeseen losses affecting BSI's capitalisation metrics or sustained weakening of its recurring earnings power and levels of operating efficiency, especially if caused by any major loss in market share or an erosion of the bank's private banking and wealth management franchise; as well as (4) deposit volumes falling meaningfully and thus no longer providing the same amount of notching uplift under our LGF framework.

LIST OF AFFECTED RATINGS

BSI AG:

The following ratings and assessments of BSI AG were downgraded and maintained on review for downgrade:

- Long-term bank deposit ratings (local and foreign currency) to A3, from A2

- Short-term bank deposit ratings (local and foreign currency) to Prime-2, from Prime-1

- Baseline Credit Assessment (BCA) to baa2, from baa1

- Adjusted BCA to baa2, from baa1

- Long-term Counterparty Risk Assessment to Baa2(cr), from Baa1(cr)

The following assessment assigned to BSI AG was placed on review for downgrade:

- Prime-2(cr) short-term Counterparty Risk Assessment

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in March 2015. Please see the Credit Policy 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 rating action on the support provider and in relation to each particular 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 rating action, and whose ratings may change as a result of this 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.

Michael Rohr
VP - Senior Credit Officer
Financial Institutions Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Carola Schuler
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's downgrades BSI AG's deposit ratings to A3/Prime-2
No Related Data.
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