S&P affirms Banco Galicia

S&P said it affirmed its B+ local- and foreign-currency ratings on Banco de Galicia y Buenos Aires SA (Banco Galicia).

The agency also affirmed the CCC+ subordinated issue-level rating on the bank.

The outlook remains stable.

“Our ratings on Banco Galicia reflect its good business position, based on its solid franchise in Argentina, operating revenue stability and improved projected risk-adjusted capital (RAC) metrics to 5.5% for the next 12-18 months,” S&P said in a news release.

“The ratings also incorporate our view of an adequate risk profile based on manageable asset quality metrics, risk diversification and low complexity.”

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