Argentina-based bank, Banco Galicia, has improved its capital metrics mainly due to ARP10 billion capital infusion from its parent, and the positive impact of the implementation of IFRS in Argentina starting in 2018. As a result, we have revised upward our stand-alone credit profile (SACP) on the bank to 'bb-' from 'b+'. Nonetheless, sovereign ratings continue to limit the ratings on Banco Galicia. Thus, we're affirming our 'B+' local- and foreign-currency ratings, and 'CCC+' subordinated issue-level rating on the bank. The stable outlook on Banco Galicia reflects that on Argentina. On March 9, 2018, S&P Global Ratings affirmed its 'B+' local- and foreign-currency ratings on Banco de Galicia y Buenos Aires S.A. (Banco Galicia). We also affirmed our 'CCC+' subordinated
