Moody's raises view to positive on Argentine banks

Moody's Investors Service said it changed the outlook to positive from stable on the E financial strength ratings of the following Argentine banks: Banco de la Ciudad de Buenos Aires, Banco Credicoop Cooperativo Limitado, BBVA Banco Frances SA, Banco Macro Bansud SA, Banco Rio de la Plata SA, and Banco de Valores SA.

Moody's noted that the outlook changes were based on the respective banks' franchise strength and improving performance since the height of Argentina's financial crisis in 2002.

The positive outlooks also reflect the expectation of further improvements in the banks' fundamentals as they continue to restructure their balance sheets and focus on new business in a still challenging environment, the agency added.

Moody's also pointed out that systemic risks remain a substantial challenge for the Argentine banks, including a backdrop of high country risk and a still uncertain operating and legal environment.

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