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Published on 11/14/2006 in the Prospect News Emerging Markets Daily.

Moody's rates Banco Macro bond B3

Moody's Investors Service said it assigned a B3 long-term foreign-currency debt rating and an A3.ar national scale rating to Argentina-based Banco Macro SA's proposed $150 million subordinated notes due 2036.

The outlook is stable.

The agency noted that Banco Macro will sell these notes under New York Law and the notes are eligible to account as tier 1 capital under current regulations of the Central Bank of Argentina.

The B3 foreign currency bond rating incorporates the bank's fundamental credit quality, which is reflected by its Ba3 global local-currency deposit rating and includes all relevant country risks, Moody's said. At this rating level, the agency's notching guidelines determine a two-notch differential from the Ba3 base rating for the subordinated tranches of notes issued under the bank's B2-rated global medium-term note program, as well as an additional notching due to the non-cumulative characteristic of this particular bond.


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