ࡱ>  @'bjbjPP !::R / ...4b O O OhrOFPb6S6SLSSSNZ6ZZ moooooo$R:.?`Y@Y|?`?`SSylylyl?`SRSmyl?`mylyl2z@ "ѢS*S pC OMh Y.q 0J Yi \ѢbbѢ .Z[yl^\\MZZZbb$1JldbbJ lllBrasil Relatrio Sinttico Banco Alfa de Investimento S.A.Fundamentos do Rating Os Ratings Nacionais do Banco Alfa de Investimento S.A. (Alfa) refletem a estratgia consistente, conduzida por uma equipe experiente, responsvel pela gesto da boa qualidade da carteira de crdito e liquidez, e a satisfatria base de capital. Entretanto, os ratings do Alfa ainda consideram a expectativa de presso crescente em sua performance devido atuao em nichos de concorrncia acirrada e margens estreitas e concentrao relevante em tomadores e aplicadores, comuns ao seu segmento de atuao. Assim como seus pares, a performance do Alfa em 2009 refletiu um menor grau de alavancagem, adotado principalmente no varejo at o 3T09, e a manuteno de um caixa mais elevado ao longo do ano. Com isso, os retornos foram modestos (ROA e ROE de, respectivamente, 1,2% e 9,7% versus 2,1% e 12,1% dos pares) mesmo com a incorporao dos ganhos com a venda das participaes na Visanet e Cetip, cujos recursos foram utilizados no reforo de provises gerais. Para 2010, o aumento gradativo da alavancagem permitir ao Alfa compensar parcialmente os efeitos da competio sobre os spreads, possibilitando retornos mais prximos ao histrico do banco. A carteira de crditos e fianas do Alfa mantm foco em empresas do upper middle e corporate, apresentando qualidade superior dos pares, com provises cobrindo altos 157,3% dos crditos de maior riscos. A carteira de crdito apresentou um modesto incremento em 4T09, apesar dos vencimentos maiores das operaes para empresas, atingindo BRL7,0bi em dez.2009, e a exposio a empresas de grande porte continuou a prevalecer nesta carteira. Os 20 maiores tomadores eram equivalentes a 141% do patrimnio lquido ao final do ano. O Alfa vm privilegiando a captao local de prazos mais longos e tem intensificado o trabalho para diluir concentraes e custos, mantendo um adequado equilbrio entre a estrutura de ativos e passivos. Suporte A Fitch acredita na disposio do principal acionista controlador em apoiar o Alfa, caso necessrio. Porm, a agncia considera o suporte oriundo de acionistas pessoas fsicas possvel, mas no certo. Fatores de Evoluo do Rating Uma melhora na rentabilidade, aliada maior diversificao de receitas, menores concentraes nos ativos e passivos e manuteno de adequado perfil de risco nos nichos de atuao, com funding compatvel e boa base de capital, poderiam elevar os ratings. Por outro lado, os ratings poderiam ser afetados negativamente por um aumento na alavancagem, com a piora significativa na qualidade de crdito e resultados. Perfil Controlado por Aloysio Faria, o Alfa faz parte de um conglomerado financeiro, cujas instituies operam integradas, com foco no financiamento a grandes e mdias empresas, veculos, consignado, gesto de recursos e private banking.         Bancos  STYLEREF Title \* MERGEFORMAT Erro! Estilo no definido. Junho de 2010 PAGE \* Arabic \* MERGEFORMAT 6  lllEm atendimento ao inciso XVI do artigo 30 da Instruo CVM n 480, de 7 de dezembro de 2009estamos disponibilizando o presente relatrioemitido pela agncia classificadora de rating "FitchRatings". Cabe esclarecer no entanto, que a opinio emitida pela agncia reflete a posio financeira no contexto do CONGLOMERADO FINANCEIRO ALFA, formado pelasempresas: Banco Alfa de Investimentos S.A. e suas controladas Alfa Arrendamento Mercantil S.A., Alfa Corretora de Cmbio e Valores Mobiliarios S.A. e BRI Participaes Ltda.; Financeira Alfa S.A. CFI, Banco Alfa S.A..  lllBancos www.fitchratings.com.br07 de Junho de 2010TODOS OS RATINGS DE CRDITO DA FITCH ESTO SUJEITOS A ALGUMAS LIMITAES E TERMOS DE RESPONSABILIDADE. POR FAVOR, VEJA NO LINK A SEGUIR AS LIMITAES E OS TERMOS DE RESPONSABILIDADE:  HYPERLINK "HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS" HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. ADICIONALMENTE, AS DEFINIES E TERMOS DE USO DOS RATINGS ESTO DISPONVEIS NO SITE  HYPERLINK "HTTP://WWW.FITCHRATINGS.COM" WWW.FITCHRATINGS.COM, ASSIM COMO A LISTA DE RATINGS PBLICOS, CRITRIOS E METODOLOGIAS. O CDIGO DE CONDUTA DA FITCH; A POLTICA DE CONFIDENCIALIDADE E CONFLITOS DE INTERESSE; A POLTICA DE SEGURANA DE INFORMAO (FIREWALL), COMPLIANCE E OUTRAS POLTICAS E PROCEDIMENTOS RELEVANTES TAMBM ESTO DISPONVEIS NESTE SITE, NA SEO "CDIGO DE CONDUTA". Copyright 2009 da Fitch, Inc., Fitch Ratings Ltd., Fitch Ratings Brasil Ltda. e suas subsidirias. One State Street Plaza, NY, NY 10004. Telefone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Proibida a reproduo, integral ou parcial, exceto quando autorizada. Todos os direitos reservados. Todas as informaes aqui contidas baseiam-se em dados obtidos de emissores, outros coobrigados, underwriters e de outras fontes que a Fitch acredita serem confiveis. A Fitch no audita ou verifica a veracidade ou preciso de quaisquer destas informaes. Em conseqncia, as informaes prestadas neste relatrio so fornecidas "no estado", sem que ofeream qualquer tipo de garantia. Um rating da Fitch constitui opinio sobre o perfil de crdito de um ttulo RatingsRatings AtuaisNacionalLongo PrazoA+(bra)Curto PrazoF1(bra)Suporte5Risco SoberanoIDR de Longo Prazo em Moeda EstrangeiraBBB-IDR de Longo Prazo em Moeda LocalBBB-Perspectiva Rating Nacional de Longo PrazoEstvelIDR Soberano em Moeda EstrangeiraEstvelIDR Soberano em Moeda LocalEstvelDados FinanceirosConglomerado Financeiro Alfa. (C.*)31 Dez 0931 Dez 08Total de Ativos (USD mi)7.343,69.257,1Total de Ativos (BRL mi)12.780,814.718,8Patrimnio (BRL mi)1.673,31.559,5Lucro Lquido (BRL mi)157,5191,1ROA (%)1,21,4ROE (%)9,712,8Indce de Capitalizao (%)20,215,1*Balano Combinado AnalistasMaria Rita Gonalves +55 11 4504 2600 Rita.goncalves@fitchratings.com Luiz Claudio Vieira +55 11 4504 2600 Luiz.vieira@fitchratings.com Pesquisa Relacionada Critrio de Avaliao Global Financial Institutions Rating Criteria, 29/12/2009 National Ratings Methodology Update, 18/12/2006 RatingsRatings AtuaisNacionalLongo PrazoA+(bra)Curto PrazoF1(bra)Suporte5Risco SoberanoIDR de Longo Prazo em Moeda EstrangeiraBBB-IDR de Longo Prazo em Moeda LocalBBB-Perspectiva Rating Nacional de Longo PrazoEstvelIDR Soberano em Moeda EstrangeiraEstvelIDR Soberano em Moeda LocalEstvelDados FinanceirosConglomerado Financeiro Alfa. (C.*)31 Dez 0931 Dez 08Total de Ativos (USD mi)7.343,69.257,1Total de Ativos (BRL mi)12.780,814.718,8Patrimnio (BRL mi)1.673,31.559,5Lucro Lquido (BRL mi)157,5191,1ROA (%)1,21,4ROE (%)9,712,8Indce de Capitalizao (%)20,215,1*Balano Combinado AnalistasMaria Rita Gonalves +55 11 4504 2600 Rita.goncalves@fitchratings.com Luiz Claudio Vieira +55 11 4504 2600 Luiz.vieira@fitchratings.com Pesquisa Relacionada Critrio de Avaliao Global Financial Institutions Rating Criteria, 29/12/2009 National Ratings Methodology Update, 18/12/2006 RatingsRatings AtuaisNacionalLongo PrazoA+(bra)Curto PrazoF1(bra)Suporte5Risco SoberanoIDR de Longo Prazo em Moeda EstrangeiraBBB-IDR de Longo Prazo em Moeda LocalBBB-Perspectiva Rating Nacional de Longo PrazoEstvelIDR Soberano em Moeda EstrangeiraEstvelIDR Soberano em Moeda LocalEstvelDados FinanceirosConglomerado Financeiro Alfa. 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