SP Rates Banco de Galicia's US$1B Euro MTN Prog BB

(BUSINESS WIRE)--Standard & Poor's CreditWire 5/18/98 --Standard & Poor's today assigned its double-'B'-plus rating to Banco de Galicia y Buenos Aires S.A.'s (Banco de Galicia) US$1 billion Euro medium-term note program. Standard & Poor's also assigned its d...

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Bibliographic Details
Published inBusiness Wire p. 1
Main Author Business Editors
Format Newsletter
LanguageEnglish
Published New York Business Wire 18.05.1998
Subjects
Administrative expenses
Liquidity
Loans
Profitability
NEW YORK
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Summary:(BUSINESS WIRE)--Standard & Poor's CreditWire 5/18/98 --Standard & Poor's today assigned its double-'B'-plus rating to Banco de Galicia y Buenos Aires S.A.'s (Banco de Galicia) US$1 billion Euro medium-term note program. Standard & Poor's also assigned its double-'B'-plus rating to the bank's US$250 million senior unsecured floating rate notes due 2001, issued under the medium-term note program. Banco de Galicia's ratings reflect its position as a leading Argentine private bank and its adequate performance in terms of profitability, liquidity, and capitalization, in the context of an aggressive growth policy implemented since the Tequila crisis. Standard & Poor's believes that Banco de Galicia will be able to profit from the expected growth and development of the Argentine financial market in coming years. Still, the Argentine financial system remains subject to potential future dislocations, which could affect the bank.