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Rating Action:

Moody's rates Banco de Servicios y Transacciones S.A.

10 Jan 2011

Buenos Aires, January 10, 2011 -- Moody's Investors Service has assigned a bank financial strength rating (BFSR) of E+ (plus) to Banco de Servicios y Transacciones S.A. (BST). Moody's has also assigned the bank long- and short-term global local-currency deposit ratings of B2 and Not Prime, respectively, as well as long- and short-term foreign-currency deposit ratings of Caa1 and Not Prime, respectively.

At the same time, Moody's has assigned an A1.ar local-currency deposit rating and a Ba1.ar foreign-currency deposit rating to the bank on the Argentine national scale.

The outlook on all the ratings is stable.

The following ratings have been assigned to Banco de Servicios y Transacciones S.A.:

Bank Financial Strength Rating: E+, stable outlook

Long- and short-term global local-currency deposit rating: B2 and Not Prime, stable outlook

Long- and short-term global foreign-currency deposit rating: Caa1 and Not Prime, stable outlook

Long-term national scale local-currency deposit rating: A1.ar

Long-term national scale foreign-currency deposit rating: Ba1.ar

Ar$500 million global medium-term note multicurrency program:

Long-term global foreign-currency debt rating: (P)B2, stable outlook

Long-term global local-currency debt rating: (P)B2, stable outlook

National scale rating foreign-currency debt rating: A1.ar

National scale rating local-currency debt rating: A1.ar

Ar$50 million senior notes

Global local-currency debt rating: B3, stable outlook

National scale rating for local currency debt: A2.ar

RATINGS RATIONALE

The BFSR largely derives from the bank's very modest franchise, which is reflected in the small size of its balance sheet, still limited earnings generation, as well as its small participation in Argentina's deposit market (a 0.2% share). BST's business focus has been transitioning from wholesale and commercial banking towards consumer finance, and particularly payroll lending, following the merger with its sister company, Credilogros Compañia Financiera S.A. in January 2010.

Moody's noted that the combination has added a network of 30 branches to BST's operations and is intended to help diversify its deposit base, which is concentrated and predominantly wholesale funded. BST's funding is mainly short-term and sourced from wholesale depositors, including a relevant portion that is supplied by related parties, with its top 10 depositors accounting for 66% of total deposits as of September 2010.. Moreover, the bank has traditionally relied on securitizations of its performing loan book in order to fund its business, and is also very active in repurchase agreements with government securities.

The ratings also incorporate the bank's weak asset quality, as indicated by a high non-performing loan ratio of 9.4% as of September 2010, which is in part explained by the sale of performing loans to trusts. We anticipate that Credilogros could contribute to improve the granularity of BST's loan portfolio, as consumer lending grows.

Moody's noted BST's modest capitalization, which when adjusted for the securitized assets, would position its Tier one capital ratio below its reported. Because of the high delinquency of its loan book and modest profitability, a thin capital cushion provides less protection to bondholders.

The B2 global local-currency deposit rating is derived from BST's unsupported baseline credit assessment of B2. Because we assess a low probability of systemic support as a consequence of its small market share in terms of deposits, the bank's deposit rating does not benefit from any systemic uplift, and remains at B2.

Moody's has also assigned (P)B2 local-and foreign- currency debt ratings to BST Ar$500 million global medium-term note program. The program allows for multi-currency debt issuances. Local- and foreign-currency debt ratings of A1.ar were assigned to the program on the national scale.

Additionally, Moody's has assigned B3 global local-currency and A2.ar national scale local-currency debt ratings to the proposed Ar$50 million subordinated bonds due in 2018, to be issued under the program.

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 August 2010 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings."

Banco de Servicios y Transacciones is headquartered in Buenos Aires, Argentina, and had Ar$1.053 million in assets, Ar$551.7 million in deposits and a net worth of Ar$78.2 million as of September 2010. The bank has a branch-network of 30 branches, 16 of them located in greater Buenos Aires.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of assigning a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
M. Celina Vansetti
Senior Vice President
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Buenos Aires
Maria Valeria Azconegui
Analyst
Financial Institutions Group
Moody's Latin America, Calificadora de Riesgo
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 4816-2332

Moody's Latin America, Calificadora de Riesgo
Cerrito 1186, 11th fl
Buenos Aires C1010AAX
Argentina
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 4816-2332

Moody's rates Banco de Servicios y Transacciones S.A.
No Related Data.
© 2018 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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