Banco Galicia is maintaining its growth strategy in the Argentinean market, while its business and credit fundamentals remain stable. The sovereign ratings continue to limit those on Banco Galicia. We're affirming our 'B-' foreign and local currency ratings and our 'B-' senior unsecured debt ratings on the bank. The stable outlook on Banco Galicia reflects that on the Republic of Argentina. On May 31, 2016, 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 'B-' senior unsecured debt ratings on the bank. The outlook remains stable. Our ratings on Banco Galicia reflect its adequate business position, weak capital and earnings, adequate risk position, average
