Banco Hipotecario del Uruguay Moody`s revisa las calificaciones

Transcription

Global Credit Research
Rating Action
26 MAY 2009
Rating Action: Banco Hipotecario del Uruguay
Moody's revisa las calificaciones de dos bancos en el Uruguay para baja
New York, May 26, 2009 - Moody's Investors Service colocO en revision para una posible baja las
calificaciones de depôsitos en moneda local del Banco de la RepOblica Oriental del Uruguay (RepOblica) y
del Banco Hipotecario del Uruguay (BHU) tanto en escala global como en escala nacional.
"La revisiOn de las calificaciones de depositos en moneda local considerará hasta dánde ha cambiado la
capacidad del gobierno uruguayo para dar apoyo a su sistema bancario, en caso que se requiera dicho
apoyo, en medio de la actual crisis económica y crediticia global", indicô Felipe Carvallo, analista de Moody's
para bancos uruguayos.
Actualmente, las calificaciones de depósitos en moneda local del RepOblica y BHU gozan de cuatro y ocho
escalones adicionales por apoyo sistémico, respectivamente.
La agencia calificadora considera que es probable que la mayoria de los gobiernos den apoyo a sus
sistemas bancarios por lo menos igual de como apoyarian el servicio de sus propias obligaciones -- visiOn
que tradicionalmente nos ha Ilevado a que frecuentemente las calificaciones de bancos se beneficien de un
alza significativa debido al apoyo sistémico. Sin embargo, conforme la crisis financiera continua, la
capacidad de un pals y su banco central para dar apoyo a los bancos de la naciOn converge con, y está
limitada por, la capacidad de deuda propia del gobierno. Como tal, Moody's estará reevaluando el nivel de
apoyo sistémico para el Republica y BHU para determinar si el apoyo sistémico que reciben debe alinearse
más de cerca con la calificaciOn de bonos en moneda local del gobierno de Ba3.
Moody's estudiará las circunstancias especIficas del Uruguay para determinar el apoyo sistémico adecuado
para las calificaciones de bancos uruguayos y las implicancias para los dos bancos que han sido
identificados como potencialmente afectados. Los factores que considerará la agencia calificadora durante
su evaluaciOn del apoyo sistémico incluyen (i) el tamaño del sistema bancario en relaciOn a los recursos del
gobierno, (ii) el nivel de estrés en el sistema bancario, (iii) las obligaciones en moneda extranjera del sistema
bancario en relaciOn a los recursos en moneda extranjera propios del gobierno y (iv) cambios en los
patrones de politica y prioridades del gobierno.
El sistema bancario uruguayo es relativamente pequeno al compararlo con los recursos del gobierno.
Adicionalmente, el sistema bancario IlegO a la crisis global con una alta calidad de sus activos nunca antes
vista, amplia liquidez, fondeo estructural estable, y un adecuado nivel de capitalizaciOn - lo que
conjuntamente debiera impedir quo el sistema sufra de un estrés severo.
Sin embargo, la alta dolarizaciOn del sistema bancario limita la capacidad del gobierno para dar apoyo en
caso que dicho estrés se tome una realidad. Por ejemplo, durante la severa crisis bancaria del Uruguay en
el 2002, el gobierno uruguayo proporcionO apoyo total a ambos bancos propiedad del gobierno, mientras
que los bancos locales propiedad del sector privado fueron liquidados de manera ordenada. Todos los
pasivos del Repüblica y del BHU continOan Integramente garantizados por el gobierno del Uruguay.
Consecuentemente, Carvallo apunta que no es probable quo la revision genere un camblo de más de dos
escalones en las calificaciones de depOsitos en moneda local de las instituciones sujetas a Ia revision.
Moody's espera concluir la revisiOn en las prOximas semanas.
El resto de las calificaciones de bancos en el Uruguay no son afectadas por la reevaluaciOn del nivel de
apoyo sistémico.
Para mayor información, consulte el nuevo informe de Moody's "La crisis financiera alinea más de cerca el
riesgo crediticio de los bancos con las calificaciones soberanas de paises no-Aaa" que se encuentra
disponible en www.moodys.com .
Las siguientes calificaciones fueron colocadas en revision para una posible baja:
Banco de la Republica Oriental del Uruguay
Calificaciôn de depOsitos en moneda local de largo plazo do Baa2
CaRicaciôn de depósitos en moneda local de corto plazo de Prime-2
CalificaciOn en escala nacional de depôsitos en moneda local de Aaa.uy
Banco Hipotecario del Uruguay
CalificaciOn de depósitos en moneda local de largo plazo de Baa2
Calificacián de depósitos en moneda local de corto plazo de Prime-2
CalificaciOn en escala nacional de depósitos en moneda local de Aaa.uy
New York
Felipe Carvallo-Mendoza
Analyst
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
M. Celina Vansetti
Senior Vice President
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RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE
SECURITIES. MIS 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT
NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS ARE
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WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY
AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING,
OR SALE.
© Copyright 2009, Moody's Investors Service, Inc. and/or its licensors including Moody's Assurance Company, Inc.
(together, "MOODY'S"). All rights reserved.
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each security that it may consider purchasing, holding or selling.
MOODY'S hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and
commercial paper) and preferred stock rated by MOODY'S have, prior to assignment of any rating, agreed to pay to MOODY'S for
appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,400,000. Moody's Corporation (MCO)
and its wholly-owned credit rating agency subsidiary, Moody's Investors Service (MIS), also maintain policies and procedures to
address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist
between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to
the SEC an Ownership interest in MCO of more than 5%, is posted annually on Moody's website at www.moodys.com under the
-neIng Shareholder Relations - Corporate Governance - Director and Shareholder Affiliation Policy.'
Rating Action
26 MAY 2009
Rating Action: Banco Hipotecario del Uruguay
Moodys reviews two banks in Uruguay for downgrade
New York, May 26, 2009 - Moody's Investors Service has placed on review for possible downgrade the local
currency deposit ratings of Banco de la Repüblica Oriental del Uruguay (RepUblica) and Banco Hipotecario
del Uruguay (BHU) in both the global and national scales.
"The review of local currency deposit ratings will look at the extent to which the Uruguayan government's
ability to support its banking system, should such support be needed, has changed in the midst of the
ongoing global economic and credit crisis," says Felipe Carvallo, Moody's Analyst for Uruguayan banks.
At present, the local currency deposit ratings of Repüblica and BHU benefit from four and eight notches of
systemic support, respectively.
The rating agency believes that most governments are at least as likely, if not more likely, to support their
banking systems as they are to service their own debts - a view that has traditionally led to bank ratings
often benefiting from significant uplift due to systemic support. However, as the financial crisis wears on, the
capacity of a country and its central bank to support the nation's banks converges with, and is constrained
by, the government's own debt capacity. As such, Moody's will be reassessing the level of systemic support
for RepOblica and BHU to determine whether the systemic support they receive needs to be more closely
aligned to the government's local currency bond rating of Ba3.
Moody's will review the specific circumstances of Uruguay to determine the appropriate systemic support for
Uruguayan bank ratings and the implications for the two banks that have been identified as being potentially
affected. Factors that the rating agency will consider in its assessment of systemic support include (i) the size
of the banking system in relation to government resources, (ii) the level of stress in the banking system, (iii)
the foreign currency obligations of the banking system relative to the government's own foreign exchange
resources, and (iv) changes to government political patterns and priorities.
The Uruguayan banking system is relatively small when compared to the government's resources. Moreover,
the banking system has entered the global crisis with record high asset quality, ample liquidity, stable core
funding, and adequate capitalization -- all of which should preclude it from experiencing severe stress.
Nevertheless, the banking system's high dollarization limits the government's ability to provide support if such
stress should come to fruition. For example, during Uruguay's severe 2002 banking crisis, the Uruguayan
government fully supported both government-owned banks, while troubled locally-owned private sector
banks were orderly liquidated. All liabilities for both RepOblica and BHU continue to be fully guaranteed by
the Uruguayan government.
Consequently, Mr. Carvallo notes that the review is unlikely to lead to more than a two notch change in the
local currency deposit ratings of the institutions under review. Moody's expects to conclude the review over
the next few weeks.
All other bank ratings in Uruguay are not impacted by the reassessment of the systemic support level.
For more information, see Moody's recent report "Financial Crisis More Closely Aligns Bank Credit Risk and
Government Ratings in Non-Aaa Countries" available on www.moodys.com .
The following ratings were placed on review for possible downgrade:
Banco de la RepUblica Oriental del Uruguay
Long term local currency deposit rating of Baa2
Short term local currency deposit rating of Prime-2
National Scale local currency deposit rating of Aaa.uy
-BanL6 Hipotecario del Uruguay
New York
Analyst
New York
M. Celina Vansetti
CREDIT RATINGS ARE MOODYS INVESTORS SERVICE, INC.'S (MIS) CURRENT OPINIONS OF THE
OR SALE.
possibility of human or mechanical error as well as other factors, however, such information is provided "as is" without warranty
the SEC an Ownership interest in MCO of more than 5%, is posted annually on Moody's website at www.moodys.com under the
heading "Shareholder Relations - Corporate Governance - Director and Shareholder Affiliation Policy."
Rating Action
26 MAY 2009
Rating Action: Banco de la Republica Oriental del Uruguay
Moodys revisa las calificaciones de dos bancos en el Uruguay para baja
New York, May 26, 2009 - Moody's Investors Service colocO en revision para una posible baja las
calificaciones de depOsitos en moneda local del Banco de la Repüblica Oriental del Uruguay (Repüblica) y
del Banco Hipotecario del Uruguay (BHU) tanto en escala global como en escala nacional.
"La revisiOn de las calificaciones de depOsitos en morieda loal considerara hasta dónde ha cambiado la
capacidad del gobierno uruguayo para dar apoyo a su sistema bancario, en caso que se requiera dicho
apoyo, en medio de Ia actual crisis econOmica y crediticia global", indicO Felipe Carvallo, analista de Moody's
para bancos uruguayos.
Actualmente, las calificaciones de depOsitos en moneda local del Republica y BHU gozan de cuatro y ocho
escalones adicionales por apoyo sistémico, respectivamente.
La agencia calificadora considera que es probable que la mayorla de los gobiernos den apoyo a sus
sistemas bancarios por lo menos igual de como apoyarlan el servicio de sus propias obligaciones -- visiOn
que tradicionalmente nos ha lievado a que frecuentemente las calificaciones de bancos se beneficien de un
alza significativa debido al apoyo sistémico. Sin embargo, conforme la crisis financiera continUa, la
capacidad de un pals y su banco central para dar apoyo a los bancos de la nación converge con, y está
limitada por, la capacidad de deuda propia del gobierno. Como tal, Moody's estará reevaluando el nivel de
apoyo sistémico para el RepUblica y BHU para determinar si el apoyo sistémico que reciben debe alinearse
más de cerca con la calificaciOn de bonos en moneda local del gobierno de Ba3.
Moody's estudiará las circunstancias especificas del Uruguay para determinar el apoyo sistémico adecuado
para las calificaciones de bancos uruguayos y las implicancias para los dos bancos que han sido
identificados como potencialmente afectados. Los factores que considerará la agencia calificadora durante
su evaluaciOn del apoyo sistémico incluyen (i) el tamaño del sistema bancario en relaciOn a los recursos del
gobierno, (ii) el nivel de estrés en el sistema bancario, (iii) las obligaciones en moneda extranjera del sistema
bancarlo en relaciOn a los recursos en moneda extranjera propios del gobierno y (iv) cambios en los
patrones de polltica y prioridades del gobierno.
El sistema bancario uruguayo es relativamente pequeno al compararlo con Los recursos del gobierno.
Adicionalmente, el sistema bancario IlegO a la crisis global con una alta calidad de sus activos nunca antes
vista, amplia liquidez, fondeo estructural estable, y un adecuado nivel de capitalizaciOn - Ic que
conjuntamente debiera impedir que el sistema sufra de un estrés severo.
Sin embargo, la alta dolarizaciOn del sistema bancario limita Ia capacidad del gobierno para dar apoyo en
caso que dicho estrés se tome una realidad. Por ejemplo, durante la severa crisis bancaria del Uruguay en
el 2002, el gobierno uruguayo proporcionO apoyo total a ambos bancos propiedad del gobierno, mientras
que los bancos locales propiedad del sector privado fueron liquidados de manera orderiada. Todos los
pasivos del RepUblica y del BHU continUan Integramente garantizados por el gobierno del Uruguay.
Consecuentemente, Carvallo apunta que no es probable que la revision genere un cambio de más de dos
escalones en ]as calificaciones de depOsitos en moneda local de las instituciones sujetas a Ia revisiOn.
Moody's espera concluir la revisiOn en las prOximas semanas.
El resto de las calificaciones de bancos en el Uruguay no son afectadas por Ia reevaluaciOn del nivel de
apoyo sistémico.
Para mayor información, consulte el nuevo informe de Moody's "La crisis financiera alinea más de cerca el
riesgo crediticio de los bancos con las calificaciones soberanas de paises no-Aaa" que se encuentra
disponible en www.moodys.com .
Las siguientes calificaciones fueron colocadas en revision para una posible baja:
Banco de la RepUblica Oriental del Uruguay
CalificaciOn de depOsitos en moneda local de largo plazo de Baa2
Caficaciôn de depôsitos en moneda local de corto plaza de Prime-2
CalificaciOn en escala nacional de depOsitos en moneda local de Aaa.uy
CalificaciOn de depOsitos en moneda local de largo plaza de Baa2
Calificaciôn de depósitos en moneda local de corto plaza de Prime-2
Calificaciôn en escala nacional de depôsitos en moneda local de Aaa.uy
New York
Analyst
New York
M. Celina Vansetti
CREDIT RATINGS ARE MOODYS INVESTORS SERVICE, INC.S (MIS) CURRENT OPINIONS OF THE
OR SALE.
© Copyright 2009, Moody's Investors Service, Inc. and/or its licensors including Moodys Assurance Company, Inc.
possibility of human or mechanical error as well as other factors, however, such information is provided 'as is" without warranty
MOODY'S IN ANY FORM OR MANNER WHATSOEVER, Each rating or other opinion must be weighed solely as one factor in any
the SEC an ownership interest in MCO of more than 50/a, is posted annually on Moody's website at www.moodys.com under the
heading Shareholder Relations - Corporate Governance - Director and Shareholder Affiliation Policy.
AlloodVo
Mvstirs Siv
Rating Action
26 MAY 2009
Rating Action: Banco de la Republica Oriental del Uruguay
Moodys reviews two banks in Uruguay for downgrade
New York, May 26, 2009 -- Moody's Investors Service has placed on review for possible downgrade the local
currency deposit ratings of Banco de la RepOblica Oriental del Uruguay (RepUblica) and Banco Hipotecario
del Uruguay (BHU) in both the global and national scales.
"The review of local currency deposit ratings will look at the extent to which the Uruguayan government's
ability to support its banking system, should such support be needed, has changed in the midst of the
ongoing global economic and credit crisis," says Felipe Carvallo, Moody's Analyst for Uruguayan banks.
At present, the local currency deposit ratings of RepOblica and BHU benefit from four and eight notches of
systemic support, respectively.
The rating agency believes that most governments are at least as likely, if not more likely, to support their
banking systems as they are to service their own debts - a view that has traditionally led to bank ratings
often benefiting from significant uplift due to systemic support. However, as the financial crisis wears on, the
capacity of a country and its central bank to support the nation's banks converges with, and is constrained
by, the government's own debt capacity. As such, Moody's will be reassessing the level of systemic support
for Republica and BHU to determine whether the systemic support they receive needs to be more closely
aligned to the government's local currency bond rating of Ba3.
Moody's will review the specific circumstances of Uruguay to determine the appropriate systemic support for
Uruguayan bank ratings and the implications for the two banks that have been identified as being potentially
affected. Factors that the rating agency will consider in its assessment of systemic support include (i) the size
of the banking system in relation to government resources, (ii) the level of stress in the banking system, (iii)
the foreign currency obligations of the banking system relative to the government's own foreign exchange
resources, and (iv) changes to government political patterns and priorities.
The Uruguayan banking system is relatively small when compared to the government's resources. Moreover,
the banking system has entered the global crisis with record high asset quality, ample liquidity, stable core
funding, and adequate capitalization -- all of which should preclude it from experiencing severe stress.
Nevertheless, the banking system's high dollarization limits the government's ability to provide support if such
stress should come to fruition. For example, during Uruguay's severe 2002 banking crisis, the Uruguayan
government fully supported both government-owned banks, while troubled locally-owned private sector
banks were orderly liquidated. All liabilities for both RepOblica and BHU continue to be fully guaranteed by
the Uruguayan government.
Consequently, Mr. Carvallo notes that the review is unlikely to lead to more than a two notch change in the
local currency deposit ratings of the institutions under review. Moody's expects to conclude the review over
the next few weeks.
All other bank ratings in Uruguay are not impacted by the reassessment of the systemic support level.
For more information, see Moody's recent report "Financial Crisis More Closely Aligns Bank Credit Risk and
Government Ratings in Non-Aaa Countries" available on www.moodys.com .
The following ratings were placed on review for possible downgrade:
Banco de la RepOblica Oriental del Uruguay
*
New York
Analyst
Moodys Investors Service
New York
M. Celina Vanseth
Moodys Investors Service
CREDIT RATINGS ARE MOODY'S INVESTORS SERVICE, iNC.'S (MIS) CURRENT OPINIONS OF THE
OR SALE.
(together, 'MOODY'S"). All rights reserved.
possibility of human or mechanical error as well as other factors, however, such information is provided "as is" without warranty
completeness, merchantability or fitness for any particular purpose of any such information. Under no Circumstances shall
the SEC an ownership interest in MCO of more than 5%, is posted annually on Moody's website at www.moodys.com under the
heading "Shareholder Relations - Corporate Governance - Director and Shareholder Affiliation Policy."

Banco Hipotecario del Uruguay Moody`s revisa las calificaciones

Transcription

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