Banco Hipotecario del Uruguay: Update to credit analysis

Banco Hipotecario del Uruguay: Update following BCA upgrade to ba1 - Credit Opinion – 2022/05/03 – US$ 250.00 – ...Banco Hipotecario del Uruguay's (BHU) has a Baseline Credit Assessment (BCA) of ba1, which reflects the bank's low problem loan ratio, relative to the system's average ratio, strong capitalization and proven access to stable, low-cost core deposits. In addition, the ba1 BCA incorporates the lack of revenue diversification in BHU's franchise as a monoline lender and the relatively low volume of liquid resources in the bank's balance sheet. On 28 April 2022, we upgraded BHU's BCA and adjusted BCA to ba1, from ba2, and affirmed the bank's long- and short-term local- and foreign-currency deposit ratings at Baa2 and Prime 2. BHU's deposit ratings of Baa2 incorporate the full and unconditional guarantee of the bank's obligations by the Government of Uruguay (Baa2 stable), which is the bank's only shareholder....

Moody's affirms BHU's Baa2 deposit ratings and upgrades BCA to ba1; stable outlook - Rating Action – 2022/04/28 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Banco Hipotecario del Uruguay: Update to credit analysis - Credit Opinion – 2021/08/31 – US$ 250.00 – ...Banco Hipotecario del Uruguay (BHU) has a Baseline Credit Assessment (BCA) of ba2, which reflects its low problem loan ratio, relative to the system's average ratio. The ba2 BCA also incorporates BHU's strong capitalization and proven access to stable, low-cost core deposits. In addition, the ba2 BCA captures the lack of revenue diversification in BHU's franchise as a monoline lender; and the relatively low volume of liquid resources in the bank's balance sheet, particularly compared with that of other banks in the country. BHU is a 100% government-owned residential mortgage lender responsible for the origination of more than half of the mortgage loans in the system. The bank's global scale local and foreign-currency deposit ratings of Baa2 incorporate the full and unconditional guarantee of the bank's obligations by the Government of Uruguay (Baa2 stable), which is BHU's only shareholder....

Moody's Latin America assigns Moody's Local Uruguay domestic ratings concurrently with the withdrawal of all Ratings previously issued in Uruguay - Rating Action – 2020/10/21 – US$ 180.00 – ...ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating 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 or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers,...

Moody's Latin America asigna calificaciones de riesgo bajo la marca de Moody's Local Uruguay al mismo tiempo que retira todas las calificaciones anteriormente emitidas en Uruguay - Rating Action – 2020/10/21 – US$ 180.00 – ...Global Credit Research - 21 Oct 2020 Buenos Aires City, October 21, 2020 -- Moody¦s Latin America Agente de Calificaci=n de Riesgo S.A. ("MLA") ha retirado todas sus calificaciones en escala nacional y global de entidades, valores y obligaciones en Uruguay, que habfan sido emitidas bajo la marca de Moody's Investors Service. Por favor remitirse al siguiente https://www.moodys.com/viewresearchdoc.aspx?docid=PBC ARFTL433634 para consultar la(s) lista(s) de calificaciones afectadas, la(s) cual(es) forma(n) parte integral de este comunicado de prensa. Al mismo tiempo, MLA asign= nuevas calificaciones locales a esos mismos emisores, valores y obligaciones bajo la marca Moody's Local Uruguay, y su nueva plataforma de calificaciones locales. Mßs detalles acerca del lanzamiento de Moody's Local Uruguay y la asignaci=n de calificaciones locales en dicho pafs pueden encontrarse en www.moodyslocal.com.uy. El estado de otras calificaciones en escala global (GSR, por sus siglas en inglTs) de compa±fas...

Banco Hipotecario del Uruguay: Update following BCA upgrade to ba2 - Credit Opinion – 2019/08/16 – US$ 250.00 – ...On 13 August 2019, we upgraded Banco Hipotecario del Uruguay's (BHU) Baseline Credit Assessment (BCA) to ba2 from ba3, reflecting the continued improvement of BHU's asset- risk metrics over the past 18 months. In the same period, the bank's balance of problem loans has declined as a result of prudent underwriting standards, while gross loans have gone up. As of March 2019, BHU's problem loan ratio declined 26 basis points to 1.4% on an annual basis, despite the soft economic activity in Uruguay (Baa2 stable). The ba2 BCA also incorporates BHU's strong capitalization and proven access to stable, low- cost core deposits. The ba2 BCA also captures (1) the lack of revenue diversification in BHU's franchise as a monoline lender; and (2) the low volume of liquid resources in the bank's balance sheet, particularly compared with that of other banks in the country. BHU's profitability metrics are inherently more volatile than those of other Uruguayan banks and reflect its specialized operations....

Moody's affirms Banco Hipotecario del Uruguay's debt ratings; outlook stable - Rating Action – 2019/08/13 – US$ 180.00 – ...ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating 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 or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers,...

Moody's afirma las calificaciones de deuda de Banco Hipotecario del Uruguay; perspectiva estable - Rating Action – 2019/08/13 – US$ 180.00 – ...Global Credit Research - 13 Aug 2019 NOTA: El 14 de enero de 2020, el comunicado de prensa fue corregido de la siguiente manera: En el Comunicado de Prensa, la principal metodologfa fue corregida a Manual de Procedimientos para la Calificaci=n de Dep=sitos, Instrumentos de Deuda, Obligaciones de Contraparte y Acciones de Entidades Financieras, publicada en septiembre de 2018. A continuaci=n se encuentra el comunicado modificado. Buenos Aires City, August 13, 2019 -- Moody's Latin America Agente de Calificaci=n de Riesgo, S.A. ("Moody's") afirm= las calificaciones de deuda sTnior no garantizada y del programa de notas a mediano plazo en las escalas global y nacional, moneda local, de Banco Hipotecario del Uruguay (BHU), y mantuvo la perspectiva estable de las calificaciones. Al final de este comunicado de prensa, se encuentra una lista completa de las calificaciones afectadas. FUNDAMENTO DE LAS CALIFICACIONES La afirmaci=n de las calificaciones de BHU considera que el banco es una instituci=n...

Banco Hipotecario del Uruguay: Update to credit analysis - Credit Opinion – 2019/07/19 – US$ 250.00 – ...We assign a Baseline Credit Assessment (BCA) of ba3 and global scale local- and foreign- currency deposit ratings of Baa2 to Banco Hipotecario del Uruguay (BHU). The ba3 BCA reflects the gradual improvement in BHU's asset risk profile from the quarters before June 2017 as a result of the declining participation of legacy loans in the bank's portfolio. In December 2018, BHU's problem loans declined 4.8% from a year earlier despite the soft economic activity in Uruguay (Baa2 stable). In addition, the bank's monoline operations result in a lack of portfolio diversification, which increases asset risk. The ba3 BCA also incorporates BHU's very good level of capitalization and the recent improvement in its profitability metrics, although earnings generation will likely remain modest in the next six to 12 months because of the slow economy. The ba3 BCA also captures the lack of revenue diversification in BHU's franchise as a monoline lender and the low volume of liquid resources in the bank's...

Banco Hipotecario del Uruguay: Update to credit analysis - Credit Opinion – 2018/07/20 – US$ 250.00 – ...We assign a Baseline Credit Assessment (BCA) of ba3 and global local- and foreign-currency deposit ratings of Baa2 to Banco Hipotecario del Uruguay (BHU). The ba3 BCA reflects the gradual improvement in BHU's asset risk profile relative to quarters before June 2017 as a result of the declining participation of legacy loans in the bank's portfolio. However, problem loans went up 24% in the first quarter of 2018, reflecting the soft economic activity in Uruguay. In addition, the bank's monoline operations result in lack of portfolio diversification, which increases asset risk. The BCA of ba3 also incorporates the very good level of BHU's capitalization and the recent improvement in its profitability metrics, although earnings generation will likely remain modest in the next six to 12 months because of the slow economy. The ba3 BCA also captures the lack of revenue diversification derived from BHU's franchise as a monoline lender and the low volume of liquid resources in the bank's balance...