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Moody's cuts Argentine financial institutions
Moody’s Investors Service said it downgraded the senior unsecured debt ratings of Banco Macro SA, Banco Hipotecario SA, Banco Supervielle SA, Banco de la Ciudad de Buenos Aires and Tarjeta Naranja SA, as well as Tarjeta Naranja's corporate family rating, to Caa2 from B2, and Banco de Galicia y Buenos Aires SAU.
Moody's also downgraded the foreign currency subordinated debt ratings assigned to Banco Macro and Banco de Galicia y Buenos Aires to Caa3 from B3. All ratings have been placed on review for further downgrade.
Moody’s downgraded the following:
• Banco Macro: Global foreign currency subordinated debt rating to Caa3 from B3; global foreign currency senior unsecured debt rating to Caa2 from B2;
• Banco de Galicia y Buenos Aires: Global foreign currency subordinated debt rating to Caa3 from B3;
• Banco Hipotecario: Global foreign currency senior unsecured debt rating to Caa2 from B2;
• Banco Supervielle: Global foreign currency senior unsecured debt rating to Caa2 from B2;
• Banco de la Ciudad de Buenos Aires: Global foreign currency senior unsecured debt rating to Caa2 from B2; and
• Tarjeta Naranja: Global foreign currency senior unsecured debt rating to Caa2 from B2; long-term corporate family rating to Caa2 from B2.
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