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Fitch affirms Banco Macro, Tarjeta Naranja amid improved sovereign conditions

Fitch Ratings on Oct. 17 affirmed the B long- and short-term foreign and local currency issuer default ratings of Banco Macro SA and Tarjeta Naranja SA.

The rating agency also affirmed Banco Macro's "b" viability rating.

According to Fitch, the operating environment remains an important driver of the companies' ratings, despite recent improvements in the country's policy framework and access to international capital markets. In Fitch's view, a reduction in regulatory risk due to a correction of macroeconomic imbalances and economic recovery will take time to materialize.

Meanwhile, Banco Macro's ratings also reflect the bank's higher risk appetite and growth strategy relative to peers, ample capital cushion as well as diverse funding and ample liquidity.

As for Tarjeta Naranja, its ratings consider the relatively higher risk appetite associated with its business model as a nonbank financial institution, its limited range of products and restricted range of funding sources relative to banks.