Moody's cuts Argentina banks

Moody's Investors Service said it downgraded the standalone bank financial strength ratings or lowered the standalone credit assessments of 31 financial institutions in Argentina by one to five notches.

The agency said these rating actions reflect the detrimental effects of Argentina's macroeconomic, political and country risk environment on financial institutions coupled with Moody's assessment of the high correlation between their credit profiles and that of the sovereign.

Moody's said it also downgraded by one to three notches the global scale local currency deposit ratings of 28 banks and six finance companies, as well as the issuer ratings of one financial services holding company and one commodities exchange. Moody's has also downgraded the long-term local and foreign currency debt ratings of 19 Argentinean banks and finance companies.

At the same time Moody's downgraded, on its national scale for Argentina, the local currency deposit and issuer ratings of 26 institutions and lowered the local and foreign currency debt ratings of 13 and 7 institutions, respectively.

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