The rating actions reflect Moody's opinion that the global trend towards imposing losses on junior creditors in the context of future bank resolutions may reduce the predictability of such support being provided to holders of subordinated debt, as junior obligations are expected to absorb losses on behalf of senior creditors and depositors. This view is discussed in the special comment "Supported Bank Debt Ratings at Risk of Downgrade due to New Approaches to Bank Resolution," published in February 2011.
LIST OF AFFECTED RATINGS
The following subordinated debt ratings were placed on review today:
Banco de Chile: Foreign currency subordinated debt rating of A1
Bancolombia S.A.: Foreign currency subordinated debt rating of Baa3
Banco Davivienda S.A.: Foreign currency subordinated debt rating of Ba1
Banco GNB Sudameris S.A.: Foreign currency subordinated debt rating of Ba2
Banco de Crédito del Perú: Local and foreign currency subordinated debt ratings of Baa3
Banco Internacional del Perú -- Interbank: Foreign currency junior subordinated debt rating of Ba3 (hyb)
Industrial Subordinated Trust, guaranteed by Banco Industrial S.A.: Foreign currency subordinated debt rating of Ba2
Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF308720 to access the List of the Affected Credit Ratings. This list is an integral part of this press release and identifies each affected issuer.
The review for downgrade on the banks' subordinated debt ratings reflects Moody's revised approach to notching the ratings of these instruments from a bank's standalone credit assessment instead of from its deposit rating including systemic support. Moody's currently incorporates one or two notches of systemic support in the subordinated and junior subordinated debt ratings of the listed banks.
During the rating review, Moody's will consider removing systemic support from these debt instruments, based on an assessment of the ability and the willingness of local regulators to impose losses on holders of subordinated debt outside a liquidation process.
Upon the conclusion of the review and in line with "Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt", published in November 2009, Moody's expects to position the ratings of senior subordinated debt one notch below the Adjusted Baseline Credit Assessment (Adjusted BCA), which reflects a bank's stand-alone financial strength including parental and cooperative support. Junior subordinated debt ratings may be positioned two notches below the Adjusted BCA while deeply subordinated junior debt may be positioned three notches below the adjusted BCA.
LAST RATING ACTIONS
The last rating action on Banco de Chile was on 2 May 2012, when Moody's assigned Prime-1 rating to Banco de Chile's proposed US commercial paper note program.
The last rating action on Bancolombia S.A. was on 4 September 2012, when Moody's rated the bank's proposed subordinated debt issuance.
The last rating action on Banco Davivienda S.A. was on 27 June 2012, when Moody's rated Davivienda's proposed subordinated debt issuance.
The last rating action on Banco GNB Sudameris S.A. was on 19 July 2012, when Moody's rated GNB's proposed subordinated debt issuance.
The last rating action on Banco de Crédito del Perú was on 16 August 2012, when Moody's upgraded the bank's foreign currency deposit ratings following the upgrade of the country ceilings for Peru.
The last rating action on Banco Internacional del Perú - Interbank was on 20 September 2012, when Moody's assigned Baa3 to Interbank's proposed US dollar senior notes.
The last rating action on Industrial Subordinated Trust was on 12 July 2011, when Moody's assigned the Ba2 subordinated debt rating to the Trust's new notes, guaranteed by Banco Industrial S.A. The last rating action on Banco Industrial S.A. was on 13 July 2012 when Moody´s upgraded the bank's standalone financial strength and baseline credit assessment to D+ from D and to ba1 from ba2, respectively, and affirmed all other ratings.
The principal methodology used in these banks' ratings was Moody's Consolidated Global Bank Rating Methodology published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.
The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.
For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.
Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.
Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.
Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.
In addition to the information provided below please find on the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued each of the ratings.
Jeanne Del Casino VP - Senior Credit Officer Financial Institutions Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Maria Celina Vansetti-Hutchins MD - Banking Financial Institutions Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
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MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations -- Corporate Governance -- Director and Shareholder Affiliation Policy."
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Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody's Japan K.K. ("MJKK") are MJKK's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. In such a case, "MIS" in the foregoing statements shall be deemed to be replaced with "MJKK". MJKK is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO.
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