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S&P drops four Argentine banks
Standard & Poor's said it lowered its global scale issuer credit ratings on Banco Hipotecario SA, Banco Patagonia SA, Banco de Galicia y Buenos Aires SA and Banco de la Provincia de Buenos Aires SA to CCC+ from B-.
The ratings on Banco de la Provincia de Buenos Aires were removed from CreditWatch with negative implications, where they were placed on July 4.
The outlooks are negative.
S&P said the downgrade of Argentina is based on increased risks to debt service stemming from a lawsuit over the debt the government still maintains in default.
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