Banco Piano S.A. -- Moody's takes rating actions on Argentinean banks

Buenos Aires City, February 20, 2014 -- Moody's Latin America Agente de Calificación de Riesgo today downgraded by one notch all the ratings of Banco Saenz S.A.; Caja de Credito Cuenca Coop. Ltda.; Metropolis Compania Financiera; and Banco Finansur S.A., with the exception of the banks' foreign currency deposit ratings, which remains unchanged. Banco Cetelem Argentina S.A.'s bank financial strength rating was downgraded by one notch to E from E+, with all other ratings remaining unchanged. In addition, Moody's downgraded in national scale the local currency deposit ratings of Metropolis and Banco Saenz to Ba2.ar, from A3.ar and A2.ar respectively, and also lowered their foreign currency deposit ratings to Ba2.ar from Ba1.ar. At the same time, Moody's downgraded Caja de Crédito Cuenca's local and foreign currency deposit ratings in national scale, to Ba3.ar from Baa2.ar and Ba1.ar. The national scale ratings in local currency for Banco Finansur were lowered to Ba1.ar from A2.ar. These downgrades reflect weakening credit profiles, based on slower growth, shrinking profits and rising delinquencies, coupled with rising funding costs and high inflation.

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