Fitch affirms Banco Macro

Fitch Ratings said it affirmed Banco Macro's B foreign-currency long-term issuer default rating, B+ local-currency long-term issuer default rating, B foreign- and local-currency short-term issuer default ratings, AA+(arg) long-term national rating, A1+(arg) short-term national rating, B+/RR4/AA+(arg) $100 million of class 3 senior bonds, B/RR4/AA+(arg) $150 million of class 2 senior bonds and RR6/A+(arg) $150 million of class 1 subordinated debt.

Fitch said it also revised the rating on the class 1 subordinated bonds to CCC from CCC+ to align it with the current rating scale, which does not apply + and - modifiers to ratings below the B category.

The outlook is stable.

The ratings reflect Banco Marco's strong national franchise and growth potential, solid overall performance, good income diversification, improving asset quality, strong revenue generation, ample liquidity and sound capital base, the agency said.

© 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.