Moody’s gives B3 to Banco Macro notes

Moody's Investors Service said it assigned a B3 global scale local currency debt rating to Banco Macro SA's class B notes for a total amount of up to $300 million peso equivalent, which will be due in 2022.

The notes are governed by New York law, and will be denominated, subscribed, and payable in Argentine pesos at specified fixed exchange rate determined at closing, and sold in the local and foreign capital markets. Investors will pay the subscription price of the notes in U.S. dollars.

Moody’s said the B3 rating incorporates Argentina's operating environment, which remains challenging despite various market-friendly policy reforms implemented in recent months by the current administration. The environmental challenges outweigh Banco Macro's strong financial fundamentals, including good profitability and capitalization, a diversified lending mix and solid asset quality metrics, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.