Moody's rates Banco Patagonia

Moody's Investors Service said it assigned new long- and short-term global local currency deposit ratings of Ba3 and not prime, respectively, to Banco Patagonia SA.

Moody's also said it assigned long- and short-term global foreign currency deposit ratings of Caa1 and not prime.

The agency said it also affirmed the bank's national-scale rating for local currency deposits of Aa2(ar) and a first-time national-scale rating for foreign currency deposits of Ba1(ar) was also assigned.

The outlook for all the deposit ratings is stable.

Moody's noted that the global and national-scale local currency deposit ratings primarily reflect its ownership, as well as certain priority of institutional support for Banco Patagonia's local currency deposit obligations based on the importance of its deposit franchise to the Argentine financial system.

Moody's also said it assigned Banco Patagonia a bank financial strength rating of E with a positive outlook.

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