S&P rates Banco Galicia B

Standard & Poor's said it assigned B counterparty credit and senior unsecured notes ratings to Banco de Galicia y Buenos Aires SA (Banco Galicia).

The outlook is stable.

The bank plans to issue seven-year fixed-rate senior unsecured notes for up to $300 million.

The ratings reflect the relatively high economic and political risks in Argentina, S&P said.

They also incorporate the bank's weak capitalization and operating efficiency, the agency said.

Its strong franchise and good competitive position in the Argentine financial system partially offset these risks, S&P added.

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