S&P ups Banco Hipotecario to CCC+

Standard & Poor' s said it raised its long-term counterparty credit rating on Banco Hipotecario SA to CCC+ from SD. The outlook is stable.

S&P said the removal from SD reflects the bank's progress at resolving the situation of its defaulted debt.

"The bank's CCC+ rating indicates that the institution's creditworthiness is still constrained by its relatively high exposure to direct credit risk of the Republic of Argentina (SD), as well as indirect risk arising from a still-uncertain macroeconomic and regulatory environment in Argentina," said S&P credit analyst Carina Lopez.

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