Moody's: Daycoval Baa3, Prime-3 deposit ratings

Moody's Investors Service said it assigned Banco Daycoval SA a bank financial strength rating of D+ and global local-currency long-term and short-term deposit ratings of Baa3 and Prime-3, respectively. Moody's assigned foreign-currency long-term and short-term deposit ratings of Baa3 and Prime 3 and national-scale ratings in the Brazilian scale of Aa1.br and BR-1.

The outlook is stable.

The ratings reflect Daycoval's credit quality that is largely driven by a conservative risk profile that supports stability in the franchise as well as a steady track record of performance, superior asset quality indicators and strong capital ratios, the agency said.

Daycoval maintains leverage indicators that are more conservative relative to those of its Brazilian peers, with adequate liquidity profile, the agency added.

The ratings acknowledge the consistency of Daycoval's business strategy throughout the cycles, as reflected in resilient financial margins and which is evidence of the group's expertise in its niche as well as of sound risk management policies and procedures, Moody's said.

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