Moody's upgrades Banco Hipotecario

Moody's Investors Service said in a corrected rating that it has upgraded the bank financial strength rating of Banco Hipotecario SA to E+ from E.

This rating action reflects the bank's improved fundamentals, which include stronger core earnings, better asset quality and solvency, the agency said.

In making its decision, Moody's also took into consideration Argentina's improving operating environment, especially after the shock of the nation's 2001-2002 financial crisis.

The outlook is stable, in an indication of Moody's expectations that Hipotecario can further expand its franchise, its product and client base, with gradual improvements in its core earnings.

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