...Challenging Operating Environment: The VR and IDRs of BBVA Banco Frances, S.A. (BBVA Frances, or the bank) are driven by the still volatile and adverse economic and operating environment, although some recent structural improvements of Argentina's policy framework could benefit the bank's performance, specifically, the lowest level of intervention in the financial system. Strong Franchise: BBVA Frances' ratings benefit from the ample track record, policies and procedures shared with its main shareholder, Spain's Banco Bilbao Vizcaya Argentaria (BBVA; rated A¡/Stable by Fitch Ratings). The bank's ratings also benefit from its strong franchise as the fourth largest private bank in Argentina in terms of loans to the private sector and the third largest in terms of deposits from the private sector. The bank's ratings also reflect its sound and recurrent profitability, robust asset quality, strong liquidity management and sustained loss absorption capacity. Sound Asset Quality: Non-performing...
