...Weak and Deteriorating Operating Environment: BBVA Banco Frances' (BBVA Frances) ratings are driven and constrained by the weak and deteriorating operating environment in Argentina, characterized by ample economic imbalances, and the risk of increasing political or regulatory intervention in the banking system. BBVA Frances' ratings also consider the restrictive default of the Argentine sovereign, which in July 2014 triggered a downgrade of the country's sovereign long-term LC IDR and Country Ceiling to `CCC' from `B¡'. Strong Franchise and Expertise: BBVA Frances' ratings benefit from the ample experience of its main shareholder, Spain's Banco Bilbao Vizcaya Argentaria (BBVA; rated `A¡'/Outlook Stable by Fitch), as well as from its stable and growing franchise as one of the four largest private banks in the country. Solid Performance and Revenue Base: The bank's ability to increase net interest income and fee revenues has steadily enhanced its financial performance in recent years. Fitch...
