Moody's: Banco Patagonia debt Ba3

Moody's Investors Service said it assigned a provisional Ba3 global local currency debt rating and a provisional B2 global foreign currency debt rating to Banco Patagonia's senior debt program up to an amount of $250 million, or its equivalent in other currencies.

A Ba3 global local currency debt rating was also assigned to the expected first issuance up to ARS 300 million, which is due in 18 months.

At the same time, Moody's Latin America assigned local and foreign currency national scale ratings of Aa1.ar and Aa3.ar respectively to the program. An Aa1.ar national scale local currency debt rating was also assigned to the first expected issuance.

The outlook is stable.

Moody's said that the local currency senior unsecured debt rating derives from Banco Patagonia's Ba3 global local currency deposit rating that benefits from three notches of uplift from the bank's B3 baseline credit assessment, reflecting Moody's assumption of a high probability of support from its parent, Banco do Brasil, if needed.

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