CHICAGO, May 22 /PRNewswire/ -- Following the adjustment of Argentina's
local currency sovereign ratings, Duff & Phelps Credit Rating Co. (DCR) has
adjusted Banco de Galicia y Buenos Aires' (Galicia) long-term local currency
rating to 'BB+' (Double-B-Plus) from 'BBB-' (Triple-B-Minus). Galicia's
short-term local currency rating has also been downgraded to 'D-4' (D-Four)
from 'D-3' (D-Three). At the same time, DCR has reaffirmed Galicia's 'BB'
(Double-B) long-term foreign currency rating. All ratings remain constrained
by the sovereign ratings assigned to Argentina.
As of March 31, 2000, Galicia reported total assets of Ps15.2 billion
(Ps1 = US$1) and equity of Ps1.29 billion.
For additional research on Banco de Galicia y Buenos Aires, visit DCR's
Web site at http://www.dcrco.com (Quick Search: Galicia). DCR's research is
also available on Bloomberg at DCR, FirstCall's BondCall Direct/Research
Direct at http://www.firstcall.com and Multex at http://www.multex.com, as
well as through other third-party providers.
SOURCE Duff & Phelps Credit Rating Co.
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Related links:
http://www.dcrco.com
CONTACT:
Fabian Ramos, 312-368-3178, ramos@dcrco.com,
or Charles Orabutt, 312-368-3153, Orabutt@dcrco.com, both of Duff
& Phelps
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