Moody’s rates Puente Hnos notes Caa1

Moody's Latin America Agente de Calificacion de Riesgo said it assigned a Caa1 issuer rating and a Baa2.ar national scale issuer rating to Puente Hnos, SA.

The agency also assigned a Caa1 global local-currency debt rating and Baa2.ar national scale debt ratings to the ARS 500 million multicurrency medium-term note program and to the first expected issuance of ARS 50 million under the program.

The outlooks are stable.

Moody’s said the Caa1 issuer rating reflects the company's small size and limited market share as a brokerage house and investment banking services provider operating predominantly in Argentina (Caa1 stable). Puente's long track record in the securities and asset management businesses ensures its access to a diversified client base and a growing earnings pool, as reflected by the recent boost to its profitability, the agency said.

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