Ratings roundup: BNDES revised to positive, Inbursa certificates, Docuformas

Wednesday, September 14, 2011

S&P has revised its outlook on the local currency rating of Brazilian national development bank BNDES to positive from stable, while affirming the bank's BBB+ local currency and BBB- foreign currency counterparty credit ratings.

The rating action followed S&P's revision of its outlook on Brazil's local currency sovereign ratings, the agency said in a report.

"The bank's credit profile benefits from stable funding sources, the good quality of its asset portfolio, and ongoing support from the sovereign that allows BNDES to perform its development bank role and be a key instrument in the implementation of industrial and social policies," S&P analyst Delfina Cavanagh wrote.

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To read the full report, go to this link


S&P has assigned a AAA national scale rating to the upcoming 6bn-peso (US$465mn), five-year floating rate bond issue by Mexican lender Banco Inbursa, which is controlled by billionaire Carlos Slim.

The debt issue is the ninth under Banco Inbursa's 50bn-peso debt program, approved by local banking and securities regulator CNBV.

Both the bank's and its debt issue's ratings are backed by its strong capitalization level, as well as good asset quality and profitability, S&P's report reads.

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


S&P has affirmed its ratings, including the B+ global scale and BBB/mxA-3 national scale ratings, on Mexican lease financing firm Docuformas. The outlooks remain stable, the agency said in a report.

"The ratings on Docuformas continue to reflect its improving asset quality and are supported by adequate earnings and adjusted capitalization," said S&P credit analyst Ingrid Ortíz.

"Counterbalancing these positives are its high asset portfolio concentration and modest risk management policies," she wrote.

To read the full report, go to this link