Banco Galicia's Proposed Senior Unsecured Notes Of Up To $400 Million Rated 'CCC'

BUENOS AIRES (S&P Global Ratings) Sept. 26, 2024--S&P Global Ratings today assigned its 'CCC' issue rating to Banco De Galicia Y Buenos Aires S.A.U.'s proposed senior unsecured amortizing notes for up to $400 million, with up to four years tenor, subject to market conditions. The bank will use the proceeds for general corporate purposes. The rating on the notes reflects their pari passu ranking with the bank's other senior unsecured debt obligations, and as a result, it's the same as the long-term issuer credit rating on the bank. The new issuance accounts for about 4% of Banco Galicia's total funding base. Therefore, we don't expect the issuance to change our view of the bank's funding profile. The sovereign credit ratings

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