S&P cuts Argentine banks, view negative

S&P said it downgraded the ratings for Banco De Galicia Y Buenos Aires, Banco Patagonia SA and Banco de la Provincia de Buenos Aires following the downgrade of Argentina’s sovereign rating to B- from B.

All three were downgraded to B- from B.

S&P affirmed the B- rating and debt ratings for Banco Hipotecario SA and revised its outlook to negative from stable.

The agency also affirmed its CCC debt rating on Banco De Galicia Y Buenos Aires.

The outlook is negative reflecting the outlook on Argentina.

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