Moody’s takes axe to Argentine FIG, sub-sovs

Moody’s takes axe to Argentine FIG, sub-sovs

Corporate & Sovereign Strategy

Banco de Galicia y Buenos Aires and Banco Macro had their long-term foreign currency senior debt ratings downgraded by Moody’s on Wednesday, as the ratings agency took action on a swathe of issuers in the country after downgrading the sovereign on Monday. Ratings on Galicia y Buenos Aires and Macro were cut to Caa1, from B3. That came as the ratings agency downgraded the financial strength ratings of 24 Argentine banks, saying the government’s capacity to bail out troubled banks had fallen. At t

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