Moody's ups Banco Patagonia

Moody's Investors Service said it upgraded Banco Patagonia SA's long-term global local-currency deposit rating to Ba1 from Ba2, along with its local-currency national scale rating to Aaa.ar from Aa1.ar.

Its long-term foreign-currency deposit ratings of Caa1 and Ba1.ar, as well as the global short-term local- and foreign-currency deposit ratings of not-prime were not affected.

Moody's also said it upgraded GPAT Compañía Financiera SA's long-term global local-currency issuer rating to Ba2 from Ba3 and its local-currency issuer rating to Aa1.ar from Aa2.ar.

The agency also upgraded GPAT's global local-currency debt rating for the debt program amounting to 400 million in Argentine pesos or its equivalent in other currencies to provisional Ba2 from provisional Ba3.

The global local-currency debt rating assigned to the 50 million in Argentine pesos first takedown under the program also was upgraded to Ba2 from Ba3, the agency said.

The local-currency debt ratings for both the program and the first issuance were upgraded to Aa1.ar from Aa2.ar. The foreign-currency debt ratings for the program, on both the global and national scales, of provisional B2 and Aa3.ar, were affirmed.

The outlook is stable.

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