Fitch cuts Argentine banks

Fitch Ratings said it downgraded the international ratings of the Argentine financial institutions that it currently rates, following the recent sovereign restrictive default, and the associated downgrade of the country's sovereign long-term local currency issuer default rating and country ceiling to CCC from B-/negative.

This rating action affects the viability ratings and/or issuer default ratings of Banco Macro SA, Banco Santander Rio SA, BBVA Banco Frances SA, Banco Supervielle, SA, Tarjeta Naranja SA, and Tarjetas Cuyanas SA.

The downgrade also affected the senior debt issued by Banco Macro and Tarjeta Naranja, as well as the subordinated debt of Macro and Supervielle. Tarjetas Cuyanas’ ratings were withdrawn following the downgrade.

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