Fitch lifts Banco Macro

Fitch Ratings said it upgraded Banco Macro's ratings following the upgrade of Argentina's sovereign ratings announced on July 12.

Affected ratings include the bank's local currency long-term issuer default ratings to B+ from B and long-term national rating to AA+(arg) from AA(arg).

At the same time, Fitch said it has affirmed the following ratings: foreign currency long-term issuer default rating at B; foreign and local currency short-term issuer default ratings at B; and short-term national rating at A1+(arg);

The outlook is stable.

In addition, Fitch noted that it has upgraded the following: Banco Macro's class 3 $100 million of senior bonds, local currency B+/RR4 from B/RR4 and long-term national rating to AA+(arg) from AA(arg); class 2 $150 million of senior bonds, long-term national rating to AA+(arg) from AA(arg); and class 1 $150 million of subordinated debt, long-term national rating to A+(arg) from A(arg).

The agency added that the foreign currency long-term and recovery ratings of classes 1 and 2 were affirmed at CCC+/RR6 and B/RR4, respectively.

The following ratings were not affected: individual at D; support at 5; and support floor at NF.

According to Fitch, Banco Macro's ratings reflect its strong national franchise and growth potential, its solid overall performance and sound liquidity and capital base.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.