S&P drops Banco Hipotecario

Standard & Poor's said it lowered its long-term counterparty credit ratings on Banco Hipotecario SA, in tandem with the sovereign downgrade of the Republic of Argentina (global-scale B/stable/B, national-scale raAA-/stable).

The global-scale rating on Banco Hipotecario was lowered to B from B+ and the national-scale rating was lowered to raA+ from raAA-, the agency said.

The outlooks are stable.

The agency said that its ratings on Banco Hipotecario reflect the risks embedded in the Argentine market while the bank is also challenged to consolidate its business model by further diversifying its operating revenues, while maintaining adequate asset quality and control over its expenses.

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