Standard&Poor's Ratings Services withdrew all its ratings on Banco de Galicia y Buenos Aires S.A. at the request of the issuer. All of the ratings on the bank were placed in 'D' after the bank's announcement of a suspension of payments on all debts in June 2002, and the beginning of a restructuring process that is still underway. As is the case with most of the Argentine banks, Banco de Galicia's asset quality problems are heavily dominated by the large holdings of government debt, whose continuing default impairs a large part of the bank's assets. The bank's remaining dollar-denominated debt is unsustainable given the cash flows that its assets are expected to generate. The bank will have to
