ANNUAL REPORT 2010
ANNUAL REPORT 2010
ANNUAL REPORT 2010
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Credit Ratings<br />
Mercantil Servicios Financieros Fitch Ratings Clave<br />
National Ratings<br />
Long Term AA (Ven) -<br />
Short Term F1+ (Ven) -<br />
Unsecured Bonds (Long Term) A2 A2<br />
Commercial Papers (Short Term) A1 A1<br />
Mercantil Banco Universal Fitch Ratings Moody’s<br />
National Ratings<br />
Long Term AA+ (Ven) -<br />
Short Term F1+ (Ven) -<br />
International Ratings<br />
Long Term (foreign currency) B+ B3<br />
Short Term (foreign currency) B -<br />
Long term (Local Currency) B+ B1<br />
Short term (Local Currency) B -<br />
Individual D E+<br />
Mercantil Commercebank Florida Bancorp<br />
and Mercantil Commercebank N.A. Fitch Ratings<br />
National Ratings<br />
Long Term (Deposits)<br />
(only Mercantil Commercebank N.A.) BB+<br />
Long Term BB<br />
Short Term B<br />
Individual C/D<br />
Mercantil Servicios Financieros<br />
81<br />
Mercantil Servicios Financieros<br />
Each year risk rating agencies Fitch Ratings<br />
carries out credit ratings on Mercantil Servicios Financieros (Mercantil) and its subsidiaries,<br />
Mercantil Banco Universal C.A., Mercantil Commercebank Florida Bancorp and Mercantil<br />
Commercebank, N.A. Clave, Sociedad Calificadora de Riesgo also assigns a risk rating to the<br />
issues of Mercantil’s Unsecured Bonds and Commercial Paper.<br />
The following table indicates the current credit ratings of Mercantil and its subsidiaries in the<br />
different countries where it operates.<br />
Mercantil’s ratings reflect satisfactory financial indicators. Mercantil is among the best rated<br />
Venezuelan issuers. According to Fitch Ratings’ scale Mercantil reflects “Very High Credit Quality”<br />
and “a very low expectation of credit risk and a strong capacity for timely payment of financial<br />
commitments”. The ratings given for Mercantil’s issues of Commercial Paper and Unsecured<br />
Bonds are the highest an issuing company in Venezuela can obtain.<br />
The national risk ratings for Mercantil Banco Universal are sustained by its franchise, stable<br />
deposit base, adequate performance and risk management culture, and are the best ratings given<br />
to a private financial institution in Venezuela. The international ratings are largely dependent on<br />
the country risk for Venezuela.<br />
The ratings of Mercantil Commercebank Florida BanCorp and Mercantil Commercebank, N.A.<br />
have been affected by the adverse situation in the U.S. economy, particularly in the state of<br />
Florida. However they reflect financial flexibility as regards the timely payment of its obligations.<br />
In its report Fitch Ratings indicates the bank’s level of liquidity with a high quality, short-term<br />
investment portfolio.
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