Moody’s raises Argentine banks

Moody's Latin America said it upgraded the global scale local and foreign currency deposit, issuer, corporate family, and/or debt ratings, as well as the baseline credit assessments, of various Argentine financial institutions.

The following domestic deposit, issuer or corporate family ratings were upgraded:

• Banco Cetelem Argentina SA to Ba3 from B1;

• Banco Comafi SA to B3 from Caa1;

• Banco de Corrientes SA to B3 from Caa1;

• Banco de Galicia y Buenos Aires SA to B3 from Caa1;

• Banco de la Ciudad de Buenos Aires to B3 from Caa1;

• Banco de la Provincia de Cordoba SA to B3 from Caa1;

• Banco de Santiago del Estero SA to B3 from Caa1;

• Banco de Valores SA to B3 from Caa1;

• Banco de Chubut SA to B3 from Caa1;

• Banco Hipotecario SA to B3 from Caa1;

• Banco Itau Argentina SA to Ba3 from B1;

• Banco Macro SA to B3 from Caa1;

• Banco Patagonia SA to Ba3 from B1;

• Banco Piano SA to B3 from Caa1;

• Banco Santander Rio SA to Ba3 from B1;

• Banco Supervielle SA to B3 from Caa1;

• BNP Paribas (Argentina) to Ba3 from B1;

• HSBC Bank Argentina SA to Ba3 from B1;

• ICBC (Argentina) SA to Ba3 from B1;

• Nuevo Banco de la Rioja SA to B3 from Caa1;

• PSA Finance Argentina Compania Financiera SA to B1 from B2;

• Toyota Compania Financiera SA to Ba3 from B1;

• John Deere Credit Compania Financiera SA to Ba3 from B1;

• Rombo Compania Financiera SA to B1 from B2; and

• Mercado a Termino de Buenos Aires SA to B2 from B3.

At the same time, Argentina macro profile was raised to weak- from very weak.

In addition, all corresponding national scale deposit, debt ratings, and corporate family ratings below Aaa.ar were placed under review with direction uncertain.

These actions follow Moody's Investors Service April 15 decision to upgrade Argentina's government bond rating to B3 from Caa1, foreign currency bond ceiling to B2 from Caa1, foreign currency deposit ceiling to Caa1 from Caa2 and local currency bond and deposit ceilings to Ba3 from B1.

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