Moody's on April 29 assigned Baa2/Prime-2 long- and short-termglobal scale deposit ratings, as well as an Aaa.uy national scale deposit rating,to Hapoalim (Latin America) SA,with a stable outlook.
Moody's also assigned Baa1(cr)/Prime-2 (cr) long- and short-termglobal counterparty risk assessments and a baa2 baseline credit assessment and adjustedbaseline credit assessment to the bank.
The ratings action reflects the Uruguay-based bank's close tieswith its parent company, Bank HapoalimBM, and while it has low asset risk and high capitalization and liquiditymetrics, Moody's does not believe the bank can operate as a stand-alone entity.
The bank's ratings do not incorporate any support from the Israeligovernment, from which its parent company benefits, the rating agency said.
Moody's noted that Hapoalim's ratings do not reflect its stand-alonecreditworthiness, but rather reflect the stand-alone credit profile of its ultimateparent.