16.11.2012 19:01

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Balanz Capital Renta Fija Ahorro FCI -- Moody's assigns (P) B-bf/A-bf.ar provisional bond fund ratings to two new bond funds managed by Balanz Funds.


Buenos Aires City, November 16, 2012 -- Moody's assigned provisional bond fund ratings of (P)B-bf/A-bf.ar to Balanz Capital Ahorro and Balanz Capital Pymes, funds managed by Balanz SGFCI S.A. The ratings are expressed on a global and national scale and reflect our expectation that the funds will maintain a weighted average credit quality in the B/A-bf.ar range. This is supported by the fund's investment parameters and their expected asset allocation. Both funds are expected to be launched during next two weeks.

The Balanz Capital Ahorro´s objective is to invest in domestic asset backed securities,Tbill, Tbonds, government and corporate bonds. This portfolio will attempt to provide a return similar to the Argentine BADLAR interest rate index with an average duration not exceeding 1.5 years. "The Balanz Capital Ahorro´s bond fund rating assigned is indicative of the portfolio's credit quality given the expected 60% asset allocation to corporates securities and private ABS securities issued in the local market rated with a a minimum rating of B3", said Moody's fund analyst, Carlos De Nevares. The fund's expected shareholders will be institutional investors, such as local insurance companies, and retail clients which have a existing relationships with Balanz SGFCE S.A.

The bond fund rating for Balanz Capital PyMe is based on Moody's expectations that the fund will maintain a minimum of 60% in investments in listed checks issued by local SME´s and guaranteed by local financial guarantors (SGR), the majority of them are rated B2 by Moody´s. The balance of the assets are expected to have exposure to Valores de Corto Plazo (Commercial Paper) and asset-backed securities, all issued by Argentinean SMEs with an average rating of B3/A3.ar-Baa3.ar. " A significant investor in Balanz Capital Pyme is expected to be the ANSES, which is the Nationalized Pension Fund, which is looking to access investments in the Argentinean SME´s to promote their development" commented Carlos de Nevares.

BALANZ SGFI is a new Argentinean asset manager part of the local group BALANZ Financial group which started as a local brokerage agency in 2003. As of September 2012, BALANZ S.A managed investments of approximately AR$ 74.6 million or approximately $15.7 million.

Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

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Carlos de NevaresAsst Vice President - Analyst Managed Investment Group Moody'sLatin America Ing. Butty 240 16th Floor Buenos Aires City C1001AFB Argentina JOURNALISTS: (800) 666 -3506 SUBSCRIBERS: (5411) 5129 2600 Yaron Ernst MD - Managed Investments Managed Investment Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Latin America Ing. Butty 240 16th Floor Buenos Aires City C1001AFB Argentina JOURNALISTS: (800) 666 -3506 SUBSCRIBERS: (5411) 5129 2600 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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