S&P lifts three Argentina banks

S&P said it raised the issuer credit ratings to B+ from B on Banco Patagonia SA, Banco Galicia y Buenos Aires SA and Banco Hipotecario SA.

The outlook remains stable.

The agency also said it raised the senior unsecured debt ratings on Banco Hipotecario to B+ from B, along with the subordinated debt rating on Banco Galicia to CCC+ from CCC.

The upgrades mirror the similar rating action on the sovereign and considers the benefits from the stronger Bicra score on Argentina, S&P explained.

The upgrade of the sovereign reflects greater confidence about the government's political capacity to continue pursuing its economic agenda, resulting in a more predictable economic policy and governance, the agency said.

Therefore, S&P said it expects moderate and consistent economic growth for the next three years, along with lower volatility in economic performance.

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