Standard&Poor's has learned that Banco de Galicia y Buenos Aires S.A. (SD/-/-) is expected to honor the missed interest payment on its $200 million, 9% senior unsecured notes maturing November 2003, once the Central Bank of Argentina authorizes the cross-border transfer of funds. The $9 million payment came due on May 1, 2002. A 30-day grace period will end on May 31, 2002, as stated on the debt issue documentation. The bank is immersed in a profound restructuring process (Plan Galicia), closely supervised by the Central Bank, under which it states it will keep all its outstanding debt current. The plan was accepted by the Central Bank on May 3, 2002. The key points of Plan Galicia include
