Argentine Banks Global Scale Ratings Raised To 'CCC' From 'CCC-' On Similar Sovereign Rating Action, Outlook Stable

On March 15, 2024, S&P Global Ratings raised its local currency sovereign credit ratings on Argentina to 'CCC/C' from 'SD/SD', the long-term foreign currency rating to 'CCC' from 'CCC-', and the national scale rating to 'raB+' from 'SD'. We also revised our transfer and convertibility (T&C) assessment for the country to 'CCC' from 'CCC-'. Following these actions, we raised our long-term issuer credit ratings on Banco De Galicia Y Buenos Aires S.A.U. (Banco Galicia) to 'CCC' from 'CCC-' and the rating on its subordinated debt to 'CC' from 'C'. At the same time, we upgraded our long-term issuer credit rating on Banco Patagonia S.A. to 'CCC' from 'CCC-' and affirmed the 'C' short-term issuer credit rating. The outlook on both

...- On March 15, 2024, S&P Global Ratings raised its local currency sovereign credit ratings on Argentina to '###/C' from '##/##', the long-term foreign currency rating to '###' from '###-', and the national scale rating to 'raB+' from '##'. - We also revised our transfer and convertibility (T&C) assessment for the country to '###' from '###-'. - Following these actions, we raised our long-term issuer credit ratings on Banco De Galicia Y Buenos Aires S.A.U. (Banco Galicia) to '###' from '###-' and the rating on its subordinated debt to '##' from 'C'. At the same time, we upgraded our long-term issuer credit rating on Banco Patagonia S.A. to '###' from '###-' and affirmed the 'C' short-term issuer credit rating. - The outlook on both entities is stable, reflecting the outlook on Argentina and the impact of moderately lower risk of debt service nonpayment in the next 12 months, in the context of still high vulnerabilities in macroeconomic conditions. BUENOS AIRES (S&P Global Ratings) March...

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