Following a review of Banco de Galicia y Buenos Aires under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our 'B' long-term ratings on the bank. The outlook is stable. Our ratings reflect the bank's adequate business position, weak capital and earnings, adequate risk position, average funding, and adequate liquidity. The stable outlook reflects our expectation that the bank will maintain its good market position in the Argentine financial system, nonperforming loans below 4% of total loans, satisfactory profitability, although still weak capitalization, and good liquidity in the next two years. As we previously announced, on Dec. 6, 2011, Standard&Poor's Ratings Services affirmed its 'B' long-term issuer credit rating on Banco de
