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Fitch Affirms Banque de Commerce et de Placements at 'BBB-'; Outlook Stable
2013年6月14日 / 下午3点18分 / 4 年前

Fitch Affirms Banque de Commerce et de Placements at 'BBB-'; Outlook Stable

(The following statement was released by the rating agency) LONDON, June 14 (Fitch) Fitch Ratings has affirmed Banque de Commerce et de Placements' (BCP) Long-term Issuer Default Rating (IDR) at 'BBB-', Short-term IDR at 'F3', Viability Rating (VR) at 'bbb-' and Support Rating at '4'. The Outlook on the Long-term IDR is Stable. KEY RATING DRIVERS - IDRs and VR BCP's IDRs and VR reflect the bank's solid and long track record in trade finance, short-term and often collateralised balance sheet which ensures solid asset quality, adequate capitalisation as well as its ability to adapt its business model to often volatile and challenging conditions in global trade finance. The ratings also consider BCP's operational and risk exposure to emerging markets, its moderate size and some - albeit well-controlled - concentration risk. Despite the challenging operating environment for trade finance resulting in lower trade finance volumes and a squeeze on margins, BCP continued to perform adequately in 2012 and Q113, reflecting the benefits of its geographical diversification and flexible business model. Fitch believes the bank will be faced with yet another challenging year, but BCP's franchise is sufficiently diversified to continue to achieve satisfactory returns from its core operations. To further diversify its earnings base, BCP plans to strengthen its private banking activities. While Fitch sees further earnings and risk diversification as positive, regulatory uncertainty and fierce competition means that it will, in Fitch's view, prove challenging for BCP to meaningfully increase its private banking franchise. BCP's short-term and revolving loan book is funded by bank deposits, largely from developed markets and corporate deposits from well-established trade finance relationships. Concentration risk is to a large extent mitigated by BCP's liquid balance sheet. BCP has a good track record of avoiding asset quality problems. The marginal impact of the Basel III introduction on capital ratios were in line with Fitch's expectations (Basel III common equity Tier 1 ratio of 19.45% at end-Q113). While BCP's capital ratios are strong and the bank has in the last decade significantly increased its equity base, BCP's overall equity base (CHF335m) remains moderate. As a result, a sizeable operational or credit-related loss, not expected by Fitch, could potentially have a significantly negative impact. RATING SENSITIVITIES - IDRs and VR Upside rating potential is very limited in the near term, given the bank's moderate size and business model which entails concentration risk and direct and indirect emerging market exposure. BCP's ratings could, however, benefit from a material revenue diversification arising from its wealth management activities as well as maintenance of stable performance, sound asset quality and strong capital levels. Downward ratings pressure would arise from significant deterioration in asset quality or material operational or reputational losses; significantly increasing competition in trade finance, eroding margins and franchise, could also lead to a downgrade. A significant decrease in capital ratios driven by excessive balance sheet growth would also put a downward pressure in the ratings. KEY RATING DRIVERS - SUPPORT RATING BCP is owned by Turkish Karamehmet Family and Yapi ve Kredi Bankasi A.S. (YKB; 'BBB-'/Stable), the latter jointly-owned by Koc Group and UniCredit S.p.A. (UCI; 'BBB+'/Negative). In Fitch's view, there is a limited probability of support from UCI. RATING SENSITIVITIES - SUPPORT RATING The bank's Support Rating is sensitive to a change in Fitch's assumption around the probability of support from UCI. The rating actions are as follows: Long-term IDR affirmed at 'BBB-'; Outlook Stable Short-term IDR affirmed at 'F3' Viability Rating affirmed at 'bbb-' Support Rating affirmed at '4' Contact: Primary Analyst Christian Kuendig Senior Director +44 20 3530 1399 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Israel Da Costa Analyst +44 20 3530 1575 Committee Chairperson Maria Jose Lockerbie Managing Director +44 20 3530 1191 Media Relations: Hannah Huntly, London, Tel: +44 20 3530 1153, Email: hannah.huntly@fitchratings.com. Additional information is available at www.fitchratings.com. Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 15 August 2012, and 'Evaluating Corporate Governance', dated 12 December 2012 are available at www.fitchratings.com. Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Evaluating Corporate Governance here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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