Outlooks On Two Argentine Banks Revised To Stable On Sovereign Debt Restructuring

On Sept. 7, 2020, we upgraded Argentina to 'CCC+' from 'SD' and assigned a stable outlook, while maintaining our 'CCC+' transfer and convertibility (T&C) assessment, following the successful restructuring of Argentina's foreign currency debt under foreign and local law. Following these actions, we are revising our outlooks on Banco De Galicia Y Buenos Aires S.A.U. (Banco Galicia) and Banco Patagonia S.A. to stable from negative and affirming our 'CCC+' long-term ratings. Our ratings on these entities are limited by our sovereign rating. We rarely rate financial institutions higher than the sovereign where they operate, because we consider it unlikely that these institutions would remain unaffected by developments in domestic economies. The stable outlooks on Banco Galicia and Banco Patagonia reflect

...- On Sept. 7, 2020, we upgraded Argentina to '###+' from '##' and assigned a stable outlook, while maintaining our '###+' transfer and convertibility (T&C) assessment, following the successful restructuring of Argentina's foreign currency debt under foreign and local law. - Following these actions, we are revising our outlooks on Banco De Galicia Y Buenos Aires S.A.U. (Banco Galicia) and Banco Patagonia S.A. to stable from negative and affirming our '###+' long-term ratings. - Our ratings on these entities are limited by our sovereign rating. We rarely rate financial institutions higher than the sovereign where they operate, because we consider it unlikely that these institutions would remain unaffected by developments in domestic economies. - The stable outlooks on Banco Galicia and Banco Patagonia reflect that on the sovereign. BUENOS AIRES (S&P Global Ratings) Sept. 8, 2020--S&P Global Ratings today revised its outlooks on Banco De Galicia Y Buenos Aires S.A.U. and Banco Patagonia S.A....

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