Moody’s ups five Argentine financials

Moody's Investors Service said it upgraded Banco Macro SA, Banco Hipotecario SA, Banco Supervielle SA and Tarjeta Naranja SA's senior unsecured debt ratings, as well as Tarjeta Naranja's corporate family rating, to B2 from B3, and Banco de Galicia y Buenos Aires SA senior unsecured debt program to provisional B2 from provisional B3.

The agency also upgraded the foreign currency subordinated debt ratings assigned to Banco Macro and Banco de Galicia y Buenos Aires to B3 from Caa1.

Moody’s said the actions followed Moody's Latin America’s announcement that it took a similar action on the banks' local currency deposit. The action also followed Moody's Nov. 29 decision to upgrade the government bond rating of Argentina to B2.

The outlook on all ratings was revised to stable, in line with the outlook on Argentina's sovereign rating.

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