Moody’s rates Banco Hipotecario notes B3

Moody's Investors Service said it assigned a B3 global scale local currency debt rating to Banco Hipotecario SA's class XL notes for a total amount of up to $400 million peso-equivalent, which will be due in 39 months.

The notes are governed by New York law, and will be denominated and subscribed in Argentine pesos and will be payable in dollars at the specified exchange rate, and sold in the local and foreign capital markets.

The debt rating has a stable outlook.

Moody's said the B3 local currency rating derives from Hipotecario's b3 baseline credit assessment (BCA), and are aligned to the government bond rating of Argentina. The BCA incorporates the bank's average asset quality metrics, relative to peers, which result from a balanced business focus on mortgage and consumer lending, and its capitalization ratio of 12.5% as of the second quarter of 2016, which has been reasonably steady for the past three years.

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