BUENOS AIRES (S&P Global Ratings) July 6, 2016--S&P Global Ratings assigned its 'CCC' issue-level rating on Banco de Galicia y Buenos Aires S.A.'s (B-/Stable/--) proposed Class II subordinated notes due 2026. The rating on the notes is two notches below the long-term issuer credit rating on the bank, reflecting the subordination characteristics of the instrument. At this point, given the 'B-' issuer credit rating, we are not including a notch for capital write-down clause of the instrument (which reflects default risk) and only deducting two notches from the rating on the new notes for subordination. We would start incorporating the notch for default risk on the issue-level rating if we were to raise the credit rating on the bank, or
