Moody’s cuts foreign currency debt ratings of Argentinean banks
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.