Roundup: HSBC Brazil, Banco Security bonds, Supervielle Créditos Banex 53

Monday, October 17, 2011

S&P has affirmed its BBB-/A-3 global scale credit ratings on HSBC Bank Brasil as it remains a strategically important subsidiary of parent company HSBC (NYSE: HBC).

The outlook is positive, reflecting the benefits of implicit parental support and S&P's view that the bank's performance is sustainable compared to similar rated peers, despite the fierce competition, the agency said in a report.

"The bank recovered its historical profitability ratios, and maintained its good business position and its funding and liquidity profile," the report reads.

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To read the full report, go to this link


Chilean ratings agency Feller Rate has assigned its AA- national scale rating to local lender Banco Security's new P1 and R1 series bonds, worth 6mn of the country's UF inflation-linked unit (a total of 132bn pesos, or US$262mn).

The rating is based on the lender's good asset quality and conservative risk management, which in part offset its relatively low capitalization levels and lower margins due to its focus on a segment with narrower spreads, the agency said in a report.

Proceeds from the debt issue will be used to manage its asset and liabilities structure and to finance the bank's expected loan growth.

Banco Security is the main asset of local diversified services holding Grupo Security.

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


Moody's has rated the debt securities and certificates of Fideicomiso Financiero Supervielle Créditos Banex 53, an Argentine personal loan securitization worth 120mn pesos (US$28.4mn).

The rated securities are payable from the cash flow coming from the assets of the trust, which is an amortizing pool of some 24,300 eligible personal loans denominated in Argentine pesos, with a fixed interest rate, originated by local lender Banco Supervielle.

To read the full report, go to this link