S&P rates Banco Hipotecario notes B

Standard & Poor's said it assigned its B foreign currency senior unsecured debt rating to Banco Hipotecario SA's (BH) upcoming senior note issuance for up to $200 million.

At the same time, S&P said it affirmed its ratings on the bank's outstanding debt and its B long-term counterparty credit rating.

The outlook is stable.

S&P said the ratings on BH reflect its relatively high exposure to the sovereign's creditworthiness - mostly originated by the government bonds received as compensation for pesification - as is the case with the rest of the financial system.

These weaknesses are counterbalanced by BH's strong capitalization level and a high liquidity position, smooth maturity profile and good access to credit, as well as significant reductions of debt with the Central Bank of Argentina, S&P noted.

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