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Global Credit Research - 27 May 2010
Buenos Aires, May 27, 2010 -- Moody's Investors Service assigned a Ba3 long term global local currency
issuer rating to Mercado a Término de Buenos Aires S.A.
(MATba). On the National Scale, Moody's Latin America assigned
a Aa2.ar local currency issuer rating. The ratings have
a stable outlook.
MATba is a clearinghouse for futures and American option commodity contracts
(including soybean, wheat, corn and sunflower).
Moody's noted that MATba concentrates substantial share of the soybean
and wheat futures contracts traded in Argentina. The total commodities
trading market, however, is relatively small, thus reflecting
in lack of diversification of MATba's customer base and asset class.
The firm also faces competition from other smaller regional clearing houses,
which combined result in business volumes being modest overall.
The rating takes into consideration MATba's modest earnings base
and non-diversified operations, which reflects the volatile
nature of the Argentinean operating environment, as well as the
lack of depth of the domestic derivatives market.
As with other clearinghouses and exchanges, MATba's key credit
risks include a) the business model relies on technology and innovation,
which demands investments; b) competitive threats that could erode
its market share and pricing power; and c) the importance of risk
management to deal with operational, credit, market and liquidity
Moody's notes that with its earnings generation -- EBITDA was
Ar$ 0.5 million as of December 2009 (six month period) -
MATba could be constrained in its ability to expand its business scope
while maintaining updated its IT platform. Moreover, limitations
on expanding its business volumes may imply that competitive threats become
more critical to its performance.
On the other hand, conservative margining process - margins
have to be replenished before the beginning of each trading session -,
as well as daily stress analysis, ensure close risk monitoring in
scenarios with considerable volatilities. MATba's relatively
robust capital base, which represented 90% of total assets
by end of 2009, is also positive, as it is the lack of financial
MATba counts with a strict admission process for parties aiming to trade,
and, as an entity regulated by the CNV (the equivalent to the SEC
in Argentina), it has to comply with existing regulations related
to auditing and trading best practices.
Mercado a Término de Buenos Aires is headquartered in Buenos Aires,
Argentina, and had assets of Ar$ 47 million and an equity
of Ar$ 42.7 million as of December 31, 2009.
The following ratings were assigned to Mercado a Término de Buenos
Global Local Currency Issuer Rating: Ba3, stable outlook
National Scale Local Currency Issuer Rating: Aa2.ar
Maria Andrea Manavella
VP - Senior Credit Officer
Financial Institutions Group
Moody's rates Mercado a Término de Buenos Aires (Argentina) Ba3
M. Celina Vansetti
Senior Vice President
Financial Institutions Group
Moody's Investors Service
No Related Data.
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