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 that on the Republic of Argentina. If we downgrade Argentina, we could lower the ratings on Banco Galicia. On June 28, 2013, Standard&Poor's Ratings Services affirmed its 'B-' ratings on Banco Galicia. The outlook remains negative. The 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). The 'bb-' anchor draws on our Bank Industry Country Risk Assessment (BICRA) methodology and
