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.
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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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