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Announcement:

Moody's: outlook negative on UCACSA's B1 and Baa3.mx local currency deposits

27 Mar 2012

Mexico, March 27, 2012 -- Moody's Investors Service has today changed to negative from stable the outlook of the B1 long term local currency deposit rating of Unión de Crédito Agricultores de Cuauhtémoc, S.A. de C.V. Organización Auxiliar de Crédito (UCACSA). At the same time, Moody's de México changed to negative from stable the outlooks on UCACSA's long term Mexican National Scale deposit rating of Baa3.mx and short term Mexican National Scale deposit rating of MX-3. Moody's also affirmed UCACSA's E+ bank financial strength rating (BFSR) UCACSA's, which maps to a baseline credit assessment of B1. The short term global local currency deposit rating of Not Prime was also affirmed with a stable outlook.

The following ratings had their outlook changed to negative from stable:

Long term global local currency deposit rating of B1

Long term Mexican National Scale deposit rating of Baa3.mx

Short term Mexican National Scale deposit rating of MX-3

The following ratings were affirmed:

Bank financial strength rating of E+, stable outlook

Short term global local currency deposit rating of Not Prime

RATINGS RATIONALE

Moody's changed the outlook on UCACSA's deposit ratings to negative from stable based on its view that the decision to restrict the admission of new members both as borrowers and depositors could have a negative effect on the future growth, profitability, and asset quality of the credit union's franchise. The agency noted that this decision could also lead to an increasing reliance on more expensive and less stable market-based funding in lieu of funding from new customers as well as potentially limiting the credit union's asset growth. Funding concentrations from existing customers would also rise, leading to less pricing flexibility and therefore higher funding costs.

UCACSA is restricting funding from new associates (also shareholders), which tend to be a source of more stable, granular, and low cost funding relative to market-based funding. As a result, the credit union will have to increase its reliance on credit lines from commercial banks and Mexican development banks to fund loan growth. Moody's believes that an increase in market funding could have a negative effect on the credit union's margins and overall profitability, while at the same time increasing its exposure to repricing risk.

Asset quality could also be compromised if single borrower concentrations were to increase as a proportion of total loans, capital, and earnings, as the credit union restricts lending to existing shareholders.

The negative outlook also reflects the competitive challenges the credit union faces as a niche player in Mexico's relatively concentrated financial system, particularly in light of this development, said Moody's.

The last rating action regarding UCACSA occurred on 17 December 2008, when Moody's assigned first-time ratings.

The methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007 and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in March 2011 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

UCACSA is a Mexican credit union headquartered in Cuauhtémoc, Chihuahua, with Mx$2.9 billion (US$211 million) in total assets, Mx$2.1 billion in loans, and Mx$445 million in shareholders' equity as of 31 December 2011.

REGULATORY DISCLOSURES

Although this credit rating has been issued in a non-EU country which has not been recognized as endorsable at this date, this credit rating is deemed "EU qualified by extension" and may still be used by financial institutions for regulatory purposes until 30 April 2012. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant 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 relevant 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.

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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.

Felipe Carvallo
Asst Vice President - Analyst
Financial Institutions Group
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 001-888-779-5833
SUBSCRIBERS:52-55-1253-5700

Jeanne Del Casino
VP - Senior Credit Officer
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 001-888-779-5833
SUBSCRIBERS:52-55-1253-5700

Moody's: outlook negative on UCACSA's B1 and Baa3.mx local currency deposits
No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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

​

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