Fitch to give Banco Macro bonds B+

Fitch Ratings said it is expected to assign a B+/RR4 to Banco Macro SA's forthcoming $200 million unsubordinated bonds due 2014.

Fitch said it currently rates Macro as follows: foreign and local currency long-term issuer default rating at B+, short-term B, individual D, support 5, national long-term AA(arg) and national short-term A1+(arg).

The outlook is stable.

The agency said that Macro's ratings reflect its strong franchise and growth potential, its good overall performance, sound liquidity and capital base while the ratings also take into account the improvement in the operating environment, although it remains potentially volatile.

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