NY -- Standard&Poor's CreditWire 10/24/95 -- Standard&Poor's assigns its double-`B'-minus rating to Banco de Galicia's US$500 million debt, filed under a shelf registration. The bank's program includes both senior and subordinated tranches. Both tranches are rated double-`B'-minus. Banco de Galicia's leadership in the Argentine retail banking market, acceptable although declining profitability, adequate capital, and demonstrated liquidity during times of financial stress place Galicia's foreign currency senior and foreign currency subordinated debt ratings at the sovereign ceiling (double-`B'-minus). The ratings also reflect the high systemic risk of the Argentine banking sector. At fiscal year-end June 30, 1995, Galicia reported net income of Arg$64 million, down 16.8% from June 30, 1994. The drop in profitability measures were mainly
