-Cordial Compania Financiera gets Ba3/Aa2.ar from Moody's.
BANKING AND CREDIT NEWS-August 11, 2011--Cordial Compania Financiera gets Ba3/Aa2.ar from Moody's(C)2011 M2 COMMUNICATIONS http://www.m2.com
11 August 2011 -- Moody's has raised Argentina's Cordial Compania Financiera SA's global local-currency deposit rating to Ba3 from B2 and national-scale local-currency deposit rating to Aa2.ar from A1.ar to reflect the likelihood of parental support.
The outlook on the global rating is "stable".
The acquisition of 95% of Cordial by Banco Supervielle SA and the remaining 5% by Grupo Supervielle from GE Capital Corp and GE International Holdings Corp has been greenlighted by the country's central bank, which triggered the upgrade, the agency said. The name of the acquired company has been changed from GE Compania Financiera SA.
According to Moody's, there is high probability of support for Cordial by Banco Supervielle, which results in a two-step uplift for the global rating. Previously, the agency had not incorporated parental backing into Cordial's ratings.
In the rater's view, as part of the Supervielle group, Cordial will benefit from improved funding conditions and synergies.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Aug 11, 2011|
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