Moody’s rates Banco Santander Rio issues B1

Moody’s Investors Service said it assigned a B1 global local-currency senior debt rating and an Aaa.ar national scale debt rating to Banco Santander Rio SA’s class 10 expected issuance of up to 100 billion in Argentine pesos, which will be due in 18 months, and class 11 expected issuance up to 100 billion in Argentine pesos, which will be due in 36 months.

Both expected issuances together must not exceed 100 billion in Argentine pesos.

The outlook is stable.

Moody’s said the local-currency senior unsecured debt rating of Banco Santander Rio derives from the bank’s B1 global local-currency deposit rating and that seniority was taken into consideration in the assignment of the debt ratings.

The ratings also capture the bank’s well-established franchise as the largest private bank in the Argentine banking system, Moody’s said, as well as its diversified earnings as it expands its range of business activities and customer base.

The ratings also consider its significant payroll-accounts base, which provides not only a significant client base for cross selling, but supports asset quality because of the low risk nature of the product, the agency said.

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