...Positive Outlook: In 2017, Fitch Ratings upgraded BBVA Banco Frances' (BBVA Frances) Local Currency Long-Term IDR to `B+' from `B' and revised its Rating Outlook to Positive from Stable. The Rating Outlook revision followed similar action on Argentina's sovereign rating. Although BBVA Frances' Local Currency Long-Term IDR is based on the likelihood of support from its parent, Banco Bilbao Vizcaya Argentaria S.A. (BBVA; `A¡'/Stable), its uplift is limited to one notch above Argentina's Local Currency Long-Term IDR. Robust Funding and Liquidity: BBVA Frances has a long track record of a stable base of term deposits and savings accounts, which represented 69.9% of total funding at September 2017. The bank also has access to wholesale funding, primarily market debt issuances and lines from local and international banks. Its liquidity is strong for its rating category, with a liquidity coverage ratio (LCR) of 332% at September 2017. Operating Environment: Notwithstanding improved financing access,...
