Banco Galicia maintained its growth strategy in the Argentine market, while its business and credit fundamentals remained stable. The ratings on the sovereign limit the ratings on Banco Galicia. We affirmed our 'CCC+' local currency ratings, and our 'CCC-' foreign currency and senior unsecured debt ratings on the bank. The negative outlook reflects the outlook on the Republic of Argentina. On June 29, 2015, Standard&Poor's Ratings Services affirmed its 'CCC+' local currency and 'CCC-' foreign currency ratings on Banco Galicia. We also affirmed out 'CCC-' foreign currency ratings on the bank's senior unsecured debt. The outlook remains negative. The local currency ratings on the sovereign limit the local currency rating on Banco Galicia. We rarely rate financial institutions
