Fitch acts on Argentine banks

Fitch Ratings said it took action on three Argentine banks reflecting the deteriorating financial situation in the country.

Fitch said it downgraded Banco Macro SA’s rating by a notch to CC. Macro’s subordinated debt is a notch below the viability rating of cc.

The agency affirmed Banco Hipotecario SA’s CC rating. The affirmation also accounts for the considerable international debt market maturity in November that will pressure the bank’s liquidity, Fitch said.

Fitch also affirmed Banco de la Ciudad de Buenos Aires’ CCC rating. The city of Buenos Aires owns the bank, and Fitch said it believes the city can help the bank if needed.

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