Banco Galicia is issuing up to $300 million in 144A/Regulation S senior unsecured notes. We are assigning 'B' counterparty credit and senior unsecured ratings to the bank and its notes. The outlook is stable. We expect the bank will use the proceeds from the notes for general corporate purposes, mainly to finance the bank's lending activities and to further improve its liquidity. We anticipate the bank will continue improving its financial profile this year. On April 7, 2011, Standard&Poor's Ratings Services assigned its 'B' counterparty credit and senior unsecured notes ratings, with a stable outlook, to Argentina-based Banco de Galicia y Buenos Aires S.A. (Banco Galicia). Banco Galicia plans to issue seven-year fixed-rate senior unsecured notes for up
