Fitch ratings roundup: Corp Group Interhold, Banco Security, Tarjeta Naranja

- Monday, August 22, 2011

Fitch ratings roundup: Corp Group Interhold, Banco Security, Tarjeta Naranja

Fitch has assigned a long-term foreign currency rating of BBB and a national scale long-term rating of A to Chilean holding Corp Group Interhold's US$130mn senior notes due 2015.

The ratings are supported by an adequate expected dividend flow from Corp Group Interhold's largest operating subsidiaries, especially those from Chile's fifth largest lender, CorpBanca (NYSE: BCA), the ratings agency said in a report.

The holding's expected cash flow is also enhanced by the recurrent dividend stream from its insurance subsidiaries, Fitch added.

Start your 15 day free trial now!

cta-arrow

Already a subscriber? Please, login

Corp Group Interhold was created in 1995 by a group of Chilean investors led by local businessman Álvaro Saieh.

To read the full report, go to this link

***

Fitch has assigned a AA- national scale rating to Chilean lender Banco Security's upcoming P1 and R1 five and 10-year bonds, worth 3mn UF inflation-linked units (a total of 65.9bn pesos, or US$140mn) each.

The issue equals 63% of the bank's equity as of end-June, and proceeds will be used to support expected growth in the corporate and mortgage loan segments and to hedge against interest rate risk, the agency said in a report.

The ratings are based on Banco Security's stable performance and profitability, as well as its healthy asset quality and adequate efficiency levels, the report reads.

Banco Security is local financial conglomerate Grupo Security's largest asset.

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

***

Fitch expects to assign a long-term foreign currency rating of B and national long-term rating of AA to Argentine credit card issuer Tarjeta Naranja's upcoming US$100mn notes, to be issued under its class XIII unsubordinated fixed-rate note program, in addition to the issue's outstanding amount of US$200mn.

Tarjeta Naranja's ratings reflect its strong growth, sound historical profitability, liquidity and asset quality, and satisfactory capital base. They also take into account the potentially volatile operating environment in Argentina, the agency said in a report.

At June 30, the company had about 4.8mn credit cards and 173 branches and commercial offices. Tarjeta Naranja is 80% owned by local bank Banco Galicia.

To read the full report, go to this link

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