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Moody's upgrades Banco BMG's national rating on improved financial metrics

Moody's on March 18 upgraded the long-term Brazilian local currency national scale deposit rating of Brazil's Banco BMG SA to Baa2.br from Baa3.br, while revising the bank's ratings outlook to stable from negative.

The ratings upgrade reflects the steady improvement in Banco BMG's financial metrics as compared to similarly rated peers, Moody's said.

Meanwhile, the outlook change stems from the bank's expected gains from recurring earnings sourced from its core payroll-linked credit card operation. The segment has reached enough scale to boost the bank's profitability, which will anchor capital replenishment and asset quality stabilization, the rating agency said.

The stable outlook is also based on the bank's improved capital position.

Meanwhile, Moody's affirmed the bank's other ratings, including its B1 long- and Not Prime short-term global local and foreign currency bank deposit ratings, Ba3 long- and Not Prime short-term local and foreign currency counterparty risk ratings, and A3.br long- and BR-2 short-term Brazilian local currency national scale counterparty risk ratings.

The rating agency also maintained the bank's Ba3(cr) long and Not Prime (cr) short-term counterparty risk assessment, "b1" baseline credit assessment and adjusted baseline credit assessment, and BR-3 short-term Brazilian local currency national scale deposit rating.