Fitch ratings roundup: Banco Hipotecario, Tarshop, Supervielle bonds

Thursday, August 4, 2011

Fitch has maintained its AA- national scale rating on Argentine lender Banco Hipotecario's US$1.5bn global bond program.

The ratings outlook is stable, Fitch said in a report.

The rating reflects the bank's loan and liability diversification, adequate asset quality, liquidity and capitalization.

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The agency also took into consideration the company's improved results - although they still lag those of the system's private banks - as well as its deposit concentration.

Argentina's government has a 53.9% non-controlling stake in Hipotecario, but private sector shareholders have the majority of the voting rights.

To read the full report, in Spanish, go to this link


Fitch affirmed its A+ national scale ratings on Argentine credit card issuer Tarshop's series I bonds for up to 40mn pesos and its class II and class III short-term notes at A1.

The ratings are based on the support, strategic link and business complementarity with that of its main shareholder, Banco Hipotecario.

Tarshop provides financing to some 365,000 low and middle income individuals through 28 branches.

To read the full report, in Spanish, go to this link


Fitch also affirmed Banco Supervielle's US$50mn subordinated bonds at A+ with a stable outlook, as well as the lender's class II and class III bonds for up to 100mn pesos (US$24.1mn) at A1, both on the national scale.

The ratings are based on the bank's good performance and adequate asset quality, as well as its good risk management.

While Banco Supervielle's capital position is adequate, it is at the same time its main weakness, and the bank's growth perspectives could further erode it, the agency said in a report.

To read the full report, in Spanish, go to this link