TEXT-S&P affirms Banco Hipotecario ratings

(The following statement was released by the rating agency)

Overview
-- Our ratings on Argentina-based Banco Hipotecario reflect its adequate
business position, adequate capital and earnings, adequate risk position,
below-average funding, and adequate liquidity.
-- We have affirmed our 'B' ratings on Banco Hipotecario.
-- The negative outlook on the bank reflects that on the Republic of
Argentina. If we downgrade Argentina, we could lower the ratings on Banco
Hipotecario.

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