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Moody's assigns, withdraws ratings on Argentina's GPAT Compañia Financiera

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Moody's assigns, withdraws ratings on Argentina's GPAT Compañia Financiera

Moody's on Jan. 14 assigned deposit ratings and withdrew its family ratings on Argentina-based GPAT Compañía Financiera SAU as the company prepares to take deposits from clients.

The rating agency assigned to GPAT global scale long- and short-term foreign currency deposit ratings at B3 and Not Prime, respectively, with a stable outlook on the long-term rating. Moody's also assigned global scale long- and short-term local currency deposit ratings of B1 and Not Prime, respectively. GPAT was also assigned Argentine national scale local and foreign deposit ratings of Aa3.ar and Baa1.ar, respectively, with a stable outlook.

Moreover, Moody's assigned global scale long- and short-term counterparty risk assessments of Ba3(cr) and Not Prime(cr), respectively. The company also received a baseline credit assessment of "b2," and an adjusted baseline credit assessment of "b1."

On the other hand, the rating agency withdrew GPAT's global scale long-term corporate family rating of B1 and its global scale local currency issuer rating of B1. GPAT's Argentine national scale local currency corporate family and issuer ratings of Aa3.ar were both also withdrawn.

Moody's decided to assign ratings to GPAT using the banks rating methodology and withdraw its family ratings due to the company's plan to take deposits from clients. Although GPAT already gained authorization to raise deposits since 2013, the company only decided to do so this year.

GPAT is wholly-owned by Banco Patagonia SA, and offers loans for the financing of General Motors vehicles.