Moody's cuts Argentinean banks

Moody's Investors Service said it downgraded the global foreign currency senior debt and debt program ratings of Banco Comafi SA, Banco de Galicia and Buenos Aires SA and Banco Macro SA to B3 from B2.

Moody's also lowered the global foreign currency debt ratings on multicurrency medium-term note programs of 13 other financial institutions to provisional B3 from provisional B2.

The outlooks are stable.

At the same time, Moody's Latin America downgraded the long-term foreign currency debt program ratings on the Argentinean national scale of 16 financial institutions, as well as the Argentinean national scale long-term foreign currency debt ratings of Comafi, Galicia, and Macro, by one or two notches.

Moody's said the actions follow the recent lowering of Argentina's foreign-currency bond ceiling to B3 from B2.

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