Fitch Upgrades Argentinian Banks after Sovereign Upgrade.BUENOS AIRES, Argentina & NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. announced today rating upgrades affecting Argentinian banks in the wake of the upgrade of the sovereign long-term local currency Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) to 'B' (see separate release available on the Fitch Ratings web site at www.fitchratings.com). The rating actions follow: Banco Hipotecario (BH) --Foreign and local currency long term IDRs upgraded to 'B' from 'B-', with a Stable Outlook; --Short-term IDR affirmed at 'B'; --Individual rating affirmed at 'D'; --Support rating affirmed at '5'. The rating of its US$1.2 billion Global Medium Term Notes Programme and US$250 million 10-year unsubordinated fixed-rate note are both upgraded to 'B/RR4' from 'B-/RR4. Tarjeta Naranja (TN) --Local currency long-term IDR upgraded to 'B' from 'B-', with a Stable Outlook; --Short-term IDR affirmed at 'B'. The rating of TN's US$26 million unsubordinated fixed-rate note is upgraded to 'B/RR4' from 'B-/RR4'. BH was the seventh-largest bank in Argentina by total assets and the second-largest by equity at the end of 2005. It is the largest mortgage lender with a 30% share and since 2003 has sought to diversify its businesses. The Argentine state owns 54% and IRSA IRSA Istituto di Ricerca Sulle Acque (Italian: Water Research Institute) IRSA International Rett Syndrome Association IRSA International Rural Sociology Association IRSA International Radiosurgery Support Association Inversiones y Representaciones S.A., a domestic real estate company, 28% (although it has the majority of the voting rights); the balance is widely held. Tarjeta Naranja was created in 1985 in the Province of Cordoba cor·do·ba n. See Table at currency. [American Spanish córdoba, after Francisco Fernández de Córdoba (1475?-1526?), Spanish explorer.] Noun 1. and since 1996 has expanded geographically and currently operates in most of the country. At end-2005 TN had 78% of the credit card market in Cordoba and was the third largest card issuer nationally. TN is 80% owned by Banco de Galicia y Buenos Aires, the second-largest bank in Argentina by assets. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, 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 Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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