Moody’s rates Bisa Leasing notes Ba3

Moody’s Investors Service said it assigned a Ba3 global scale rating and Aaa.bo national scale rating to Bisa Leasing SA’s second expected issuance of 30 million in Bolivia boliviano.

The outlook is stable.

Moody’s also said it assigned not-prime global local- and foreign-currency short-term debt ratings to Bisa Leasing’s promissory note program of $5 million, which map to BO-1 national scale local- and foreign-currency short term debt ratings.

The ratings on the new debt are derived from the company’s B1 standalone credit assessment and incorporate a one-notch uplift due to Moody’s assumption of a very high probability of support from its parent, Banco BISA SA.

The company’s stand-alone credit profile reflects Bisa Leasing’s limited income diversification as a result of its narrow focus on leasing and leaseback of machinery and equipment, Moody’s said, along with low liquidity ratios and heavy reliance on market funding.

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