Fitch Affirms Argentine Financial Institutions Following Peer Review

MONTERREY, Mexico--(BUSINESS WIRE)-- Following its peer review of the Argentine financial institutions, Fitch Ratings has today affirmed the rating of five financial institutions.

The ratings of all the companies are driven and constrained by the weak and deteriorating operating environment in Argentina, characterized by ample economic imbalances, and the risk of increasing political or regulatory intervention on the financial system. The ratings also considers the restrictive default of the Argentine sovereign, which triggered in July 2014 a downgrade of the country's Sovereign long-term local currency Issuer Default Rating (LC IDR) and Country Ceiling to 'CCC' from 'B-'.

In Fitch's view, regardless of the companies' overall reasonable financial condition, its ratings are currently capped by the LC Sovereign rating, due to the weak and worsening operating environment, and the challenges posed by the sovereign's delicate position with foreign creditors.

Fitch Ratings has affirmed the ratings for the following companies:

Banco Santander Rio S.A.

-- LC long-term IDR at 'CCC';

-- Viability Rating at 'ccc';

-- Support at '5'.

BBVA Banco Frances S.A.

-- LC long-term IDR at 'CCC';

-- Viability Rating at 'ccc';

-- Support at '5'.

Banco Macro S.A.

--FC and LC long-term IDRs at 'CCC';

--FC and LC short-term IDRs at 'C';

--Viability Rating at 'ccc';

--Support at '5';

--Support Floor at 'NF';

--USD150 million senior bonds Class 2 due 2017 at 'CCC/RR4';

--USD150 million subordinated debt due 2036 at 'CC/RR6'.

Banco Supervielle S.A.

--FC and LC long-term IDRs at 'CCC';

--FC and LC short-term IDRs at 'C';

--Viability Rating at 'ccc';

--USD50 million subordinated debt due 2017 at 'CC/RR5'.

Tarjeta Naranja S.A.

--FC and LC long-term IDRs at 'CCC';

--FC and LC short-term IDRs at 'C';

--Viability Rating at 'ccc';

--USD150 million senior unsecured bonds at 'CCC/RR4'

Additional information is available on www.fitchratings.com

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150724005759/en/

Fitch Ratings
Primary Analyst
Alejandro Tapia
Director
+52 818 399 9156
Fitch Mexico S.A. de C.V.
Prol. Alfonso Reyes 2612, Edificio Connexity Piso 8
Col. Del Paseo Residencial
64920 Monterrey, N.L., Mexico
or
Secondary Analyst
Santiago Gallo
Director
+562 24993320
or
Committee Chairperson
Franklin Santarelli
Managing Director
+1-212-908-0739
or
Media Relations:
Alyssa Castelli, +1 212-908-0540
[email protected]

Source: Fitch Ratings

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Santander Expands U.S. Presence with Completion of Webster Acquisition
• ABS Management and Riverbay Plaza BH LLC Announce Multiple Long-Term Lease Renewals; Yechiel Rivlin Oversees Transactions
• Bring Quant Studies to Life with Video Using MFour's DANI™