S&P rates Banco Hipotecario notes B-

Standard & Poor's said it assigned a B- foreign currency senior unsecured debt rating to Argentina-based Banco Hipotecario SA's $150 million notes due 2010, to be issued under the $1.2 billion senior unsecured global MTN program.

This issue is in addition to the $100 million note due 2010 S&P rated B- on Oct. 24.

The outlook is stable.

Proceeds will be used for liability management and to increase lending activities to the private sector, the agency said.

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