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Notation de la SBM et de la MCB: Moody’s persiste et signe malgré les contestations

18 décembre 2009, 00:00

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Notation de la SBM et de la MCB: Moody’s persiste et signe malgré les contestations

Moody’s Investors Service, l’agence internationale de notation, confirme le downgrading de la Mauritius Commercial Bank (MCB) et de la State Bank of Mauritius (SBM) (photo), les deux principales banques du pays.

C’est ce qui ressort d’un communiqué émis par l’agence. Malgré ce qu’on pourrait qualifier de mouvement de protestation contre la rétrogradation de ces deux institutions financières en juillet dernier, Moody’s confirme la mauvaise note.

A l’époque, il y eu une levée des boucliers contre cette notation du «rating agency». Même le ministre des Finances, Rama Sithanen, avait exprimé sa surprise face à cet état des choses et en avait même fait part à Moody’s par voix de courrier.

Mais, il semblerait que Moody’s ne souhaite pas revoir sa copie.


Ci-dessous l’intégralité du communiqué de Moody’s dans sa version originale en anglais:

«Limassol, December 17, 2009 - Moody''''s Investors Service has today taken rating actions on the two rated Mauritian banks, thus concluding its rating reviews initiated in July 2009. The affected banks are:

Mauritius Commercial Bank (MCB): Moody''s has confirmed the bank''s D+ financial strength rating (BFSR), its foreign currency deposit ratings of Baa2/Prime-2, issuer rating of Baa1and its South African national scale (NSRs) senior and subordinated debt ratings of Aa3.za. In the same rating action, Moody''s has downgraded the bank''s long- and short-term global local currency (GLC) deposit ratings to Baa1/Prime-2 from A3/Prime-1.

State Bank of Mauritius (SBM): Moody''s has confirmed the bank''s C- BFSR and its Baa1 issuer rating. In the same rating action, Moody''s has downgraded the bank''s long- and short-term GLC deposit ratings to Baa1/Prime-2 from A2/Prime-1, while it has affirmed SBM''s foreign currency deposit ratings at Baa2/Prime-2.

RATING ACTIONS ON MAURITIAN BANKS'' BFSRs

In reviewing the banks'' BFSRs, Moody''s has assessed the impact of the weakened performance of some sectors of the Mauritian economy - such as the manufacturing, tourism, trade and the construction industry - on the banks'' credit quality, capital position and earning power.

Moody''s says that despite the weakened operating environment in Mauritius, the two rated institutions continue to report relatively low levels of non-performing loans. Moreover, the banks continue to generate good profit levels despite lower growth in business volumes, and have sufficient capital to absorb credit losses - commensurate with their current rating levels.
The rating agency adds that, despite its vulnerability, the small Mauritian economy has proven to be relatively resilient to external economic shocks, with GDP growth remaining in positive territory during 2009. This has largely been due to the government''s efforts to support the economy by introducing a stimulus package and a shift by the Bank of Mauritius to an expansionary monetary policy, through several cuts in the interest rates.

RATING ACTION ON MAURITIAN BANKS'' GLC DEPOSIT RATINGS

 The downgrade of the Mauritian banks'' local currency deposit ratings was driven by Moody''s revision of its approach to systemic support. Moody''s explains its revised assessment of systemic support in detail in the Special Comment titled "Financial Crisis More Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa Countries", published in May 2009.

The probability of systemic support is an important part of Moody''s credit analysis and provides an uplift to debt and deposit ratings from a bank''s standalone credit strength. The rating agency continues to believe that most governments are likely to support their nation''s banks to avoid a crisis in the local payments system. However, Moody''s now assesses the capacity of a country and its central bank to support its financial sector as being more closely aligned with the government''s own creditworthiness. As a result, Moody''s revised systemic support indicator for Mauritius is now at A3, which is two notches above the government''s Baa2 local currency bond rating and replaces the previously used Aa2 local currency deposit ceiling.
Following today''s actions, the ratings of the affected issuers are as follows:

Mauritius Commercial Bank
- D+ BFSR (mapping to a Baa3 Baseline Credit Assessment-BCA)
- Baa1/Prime-2 long-term and short-term local currency deposit ratings
- Baa2/Prime-2 long- and short-term foreign currency deposit ratings
- Baa1 foreign currency issuer rating
- Aa3.za NSR senior and subordinated obligations
- All ratings have a stable outlook

State Bank of Mauritius

- C- BFSR (mapping to a Baa2 Baseline Credit Assessment-BCA)
- Baa1/Prime-2 long-term and short-term local currency deposit ratings
- Baa2/Prime-2 long- and short-term foreign currency deposit ratings
- Baa1 foreign currency issuer rating
- All ratings have a stable outlook

The previous rating action on MCB was on 2 July 2009 when Moody''s placed the bank''s ratings on review for possible downgrade.

The previous rating action on SBM was on 2 July 2009 when Moody''s placed the bank''s BFSR, local currency deposit ratings and issuer rating on review for possible downgrade.

The principal methodologies used in rating these banks were Moody''s Bank Financial Strength Ratings: Global Methodology, published in February 2007, and Moody''s Incorporation of Joint-Default Analysis into Moody''s Bank Ratings: A Refined Methodology, published in March 2007, which are available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating these issuers can also be found in the Rating Methodologies sub-directory on Moody''s website.

At the end of September 2009, MCB had total assets of MRs149.7 billion (USD4.71 billion) and SBM had assets of MRs75.8billion (USD2.39 billion). Both banks are headquartered in Port Louis, Mauritius.”

Lire aussi:
http://66.165.126.115/lexpress/Story/4644~Moody-s-donne-son-point-de-vue-sur-deux-banques-mauriciennes