Standard&Poor's today said the suspension of The Bank of Nova Scotia's (Scotiabank; A+/Stable/A-1) Argentine operations, Scotiabank Quilmes S.A., would not affect the ratings or outlook on the bank. Scotiabank Quilmes is the second foreign-owned bank in Argentina to have its operations suspended after its parent refused to provide additional liquidity to its operations. Its branches continue to operate on a limited basis, and are now under the control of the central bank. Scotiabank continues to underscore its stated position that it is not prepared to inject any additional funds into Scotiabank Quilmes' operations, given the current situation in Argentina. Accordingly, Standard&Poor's does not expect Scotiabank's exposure to Argentina to change in the foreseeable future. Net of
