Moody’s cuts for­eign cur­rency debt rat­ings of Ar­gen­tinean banks

The Pak Banker - - Front Page -

BUENOS AIRES CITY

Global rat­ing agency Moody’s to­day down­graded to B3, from B2, the global for­eign cur­rency se­nior debt and debt pro­gram rat­ings of Banco Co­mafi S.A. (Co­mafi), Banco de Gali­cia and Buenos Aires S.A. (Gali­cia) and Banco Macro S.A. (Macro). Moody’s has also low­ered to (P) B3, from (P) B2, the global for­eign cur­rency debt rat­ings on mul­ti­c­ur­rency medium term note pro­grams of 13 other fi­nan­cial in­sti­tu­tions.

The out­look on these rat­ings is sta­ble.

At the same time, Moody’s Latin Amer­ica has down­graded by one or two notches the longterm for­eign cur­rency debt pro­gram rat­ings on the Ar­gen­tinean na­tional scale of 16 fi­nan­cial in­sti­tu­tions, as well as the Ar­gen­tinean na­tional scale longterm for­eign cur­rency debt rat­ings of Co­mafi, Gali­cia, and Macro. These ac­tions fol­low the re­cent low­er­ing of Ar­gentina’s for­eign-cur­rency bond ceil­ing to B3, from B2, that is ex­plained in de­tail in the press re­lease “Moody’s Low­ers Ar­gentina’s For­eign Cur­rency Bond Ceil­ings ,” pub­lished 25 Oc­to­ber 2012 and avail­able on moodys.com.

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