Fitch affirms Tarjeta Naranja, Tarjetas Cuyanas

Fitch Ratings said it affirmed Tarjeta Naranja SA's long-term local- and foreign-currency issuer default ratings at B, short-term local- and foreign-currency issuer default ratings at B, national long-term rating at AA(arg), national short-term rating at A1+(arg), $300 million of unsubordinated fixed-rate debt at B/RR4 and AA(arg) and $50 million of unsubordinated fixed-rate notes at AA(arg).

Fitch also affirmed Tarjetas Cuyanas SA's long-term local-currency issuer default rating at B, short-term local-currency issuer default rating at B and $65 million of unsubordinated fixed-rate debt long-term local-currency rating at B/RR4.

The outlooks are stable.

The ratings reflect the companies' strong growth; maintenance of sound historical profitability, asset quality and liquidity as well as satisfactory capital bases, the agency said.

The ratings also reflect the benefits of belonging to the Tarjetas Regionales Group, which has ample experience in the credit card business, as well as the potentially volatile operating environment in Argentina, the agency added.

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