Our rating on Argentina-based Banco Galicia reflect on its "adequate" business position, "weak" capital and earnings, "adequate" risk position, "average" funding, and "adequate" liquidity. We have affirmed our 'B' ratings on Banco Galicia. The negative outlook on the bank reflects the outlook on the Republic of Argentina. If we downgrade Argentina, we could lower the ratings on Banco Galicia. On Sept. 5, 2012, Standard&Poor's Ratings Services affirmed its 'B' ratings on Banco de Galicia y Buenos Aires S.A. (Banco Galicia). The outlook remains negative. Standard&Poor's Ratings Services bases its ratings on Banco Galicia on its "adequate" business position, "weak" capital and earnings, "adequate" risk position, "average" funding, and "adequate" liquidity (as our criteria define these terms).
