OREANDA-NEWS. July 28, 2015. Following its peer review of the Argentine financial institutions, Fitch Ratings has today affirmed the rating of five financial institutions.

The ratings of all the companies are driven and constrained by the weak and deteriorating operating environment in Argentina, characterized by ample economic imbalances, and the risk of increasing political or regulatory intervention on the financial system. The ratings also considers the restrictive default of the Argentine sovereign, which triggered in July 2014 a downgrade of the country's Sovereign long-term local currency Issuer Default Rating (LC IDR) and Country Ceiling to 'CCC' from 'B-'.

In Fitch's view, regardless of the companies' overall reasonable financial condition, its ratings are currently capped by the LC Sovereign rating, due to the weak and worsening operating environment, and the challenges posed by the sovereign's delicate position with foreign creditors.

Fitch Ratings has affirmed the ratings for the following companies:

Banco Santander Rio S.A.
-- LC long-term IDR at 'CCC';
-- Viability Rating at 'ccc';
-- Support at '5'.

BBVA Banco Frances S.A.
-- LC long-term IDR at 'CCC';
-- Viability Rating at 'ccc';
-- Support at '5'.

Banco Macro S.A.
--FC and LC long-term IDRs at 'CCC';
--FC and LC short-term IDRs at 'C';
--Viability Rating at 'ccc';
--Support at '5';
--Support Floor at 'NF';
--USD150 million senior bonds Class 2 due 2017 at 'CCC/RR4';
--USD150 million subordinated debt due 2036 at 'CC/RR6'.

Banco Supervielle S.A.
--FC and LC long-term IDRs at 'CCC';
--FC and LC short-term IDRs at 'C';
--Viability Rating at 'ccc';
--USD50 million subordinated debt due 2017 at 'CC/RR5'.

Tarjeta Naranja S.A.
--FC and LC long-term IDRs at 'CCC';
--FC and LC short-term IDRs at 'C';
--Viability Rating at 'ccc';
--USD150 million senior unsecured bonds at 'CCC/RR4'