Moody's rates Banco Hipotecario del Uruguay notes Baa2

Moody's Investors Service said it assigned a Baa2 global local-currency debt rating and an Aaa.uy Uruguayan national scale local-currency debt rating to the first two issuances under Banco Hipotecario del Uruguay's senior debt program. The first and second takedowns will be due in 20 and eight years, respectively, and should not exceed UI 800 million combined. The outlook is stable.

The bank is wholly owned by the Oriental Republic of Uruguay, which fully and unconditionally guarantees all of its obligations. Moody's said it incorporates that support in the bank's Baa2 long-term local-currency deposit ratings.

The bank has an E+ bank financial strength rating, and the agency said this rating is driven by the bank's modest financial condition, particularly its capitalization and asset quality, following the restructuring of its balance sheet that restored the bank's operational capabilities.

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