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Moody's upgrades multiple Argentine financial firms following sovereign action

Moody's on Dec. 6 upgraded its ratings and assessments on multiple Argentine financial institutions, while affirming several banks, following its upgrade of the country's sovereign ratings in November.

The companies affected by the rating actions include: Banco Macro SA, Banco Patagonia SA, GPAT Compañía Financiera SA, Banco de Servicios y Transacciones SA, Banco Cetelem Argentina SA, Banco de la Ciudad de Buenos Aires, Banco de Galicia y Buenos Aires SA, Banco Hipotecario SA, HSBC Bank Argentina SA, Industrial & Commercial Bank of China (Argentina) SA, Banco Itaú Argentina SA, Banco Rioja SAU, Banco Piano SA and PSA Finance Argentina Compañía Financiera SA.

They also include Banco Santander Río SA, Banco Comafi SA, Banco Supervielle SA, Grupo Supervielle SA, Toyota Compañía Financiera de Argentina SA, Banco del Tucumán SA, Banco de la Provincia de Córdoba SA, Balanz Capital Valores SA, BNP Paribas (Argentina), John Deere Credit Compañía Financiera SA, Rombo Compañía Financiera SA, Banco de Valores SA and Mercado A Termino De Buenos Aires SA.

Moody's raised the baseline credit assessments of 18 banks and the long-term local currency deposit ratings of 14 lenders by one notch each.

All of the banks now have a BCA of B2, except for Banco de Servicios, Banco de la Provincia de Cordoba and Toyota Compania Financiera, which have a BCA of B3, and Banco Cetelem, which has a Caa1 BCA.

Moody's also upgraded the issuer rating of Grupo Supervielle and the corporate family rating of Rombo Compania Financiera by one notch each.

Additionally, it upgraded the global scale long-term foreign currency deposit ratings of all 21 rated Argentine banks by one notch in line with the sovereign upgrade.

At the same time, the national scale long-term foreign currency deposit rating of 20 of those banks were upgraded by three notches to Baa1.ar. Banco de Servicios' national scale foreign currency deposit rating was raised by two notches to Baa2.ar.

The Ba3 global scale long-term local currency deposit and debt ratings assigned to ICBC (Argentina), Banco Itau Argentina, Banco Santander Rio and HSBC Bank Argentina were affirmed.

However, the ratings of Banco Patagonia and unit GPAT Compañia Financiera remain under review for possible downgrade pending the possible sale of Patagonia by controlling shareholder Banco do Brasil SA.