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Moody's ups some Argentina banks
Moody's Investors Service said it has upgraded the bank financial strength ratings of several banks in Argentina to reflect the banks' improving financial fundamentals, the relative improvement in the operating environment and the recovery of the banking system since the financial crisis of 2001-2002.
In taking this action, Moody's said it considered the efforts that the various banks exerted to improve their core earnings and asset quality, as well as to reduce their exposures to the public sector - achievements that vary within the banking system, and which have contributed to the banks' improving solvency.
Moody's upgraded Banco Rio de la Plata SA, BBVA Banco Frances SA, Banco Credicoop Cooperativo Ltd. and Banco de Valores SA to D- from E.
Moody's said that the ratings upgrades were based on these banks' strong franchises in their respective markets, their improving core earnings potential and the successful restructuring of their balance sheets.
The outlooks on these ratings are stable.
Moody's also said it upgraded the bank financial strength ratings of Banco Patagonia SA, Banco Macro Bansud SA, Nuevo Banco Suquia SA, Banco de la Ciudad de Buenos Aires and Banco Itau Buen Ayre SA to E+ from E.
The outlooks on these ratings are positive.
Moody's also upgraded Banco Comafi SA, Banco Banex SA, Banco Supervielle SA and MBA Banco de Inversiones SA to E+ from E.
The outlooks on these ratings are stable.
In addition, Moody's said it changed the outlooks on the E bank financial strength ratings of Banco de Galicia SA and Banco de la Provincia de Buenos Aires to positive from stable.
Finally, Moody's also affirmed Banco de la Nación Argentina's bank financial strength rating at E due to its still extremely weak financial fundamentals and high public sector exposure.
The outlook on the rating remains stable.
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