Banco de Valores as trustee, has been qualified by Moody’s Local Argentina with the highest rating TQ1.ar that can be achieved by a trustee in Argentina.

Rating TQ1.ar is mainly based on the following factors:

• A strong organizational structure and business strategy, together with an experienced management team having several years’ expertise in capital markets and structured financing.

• The Bank´s Board of Directors commitment to provide trustee services as an essential part of the securities business strategy.

• A sound capacity to develop its role as trustee in structured transactions, based on its active role in the monitoring and reporting of structured transactions, as well as in an outstanding expertise to manage cash flows.
• The presence of clear origination procedures and protections against stress events on portfolios held in trust, as well as in the event of replacement of the administrator, quality control procedures and appropriate IT systems.

Regarding rating at national scale of local currency deposits, Fix (Fitch) has assigned grade A1 (arg) which indicates the most solid payment capacity in due time and manner of the financial commitments with respect to other issuers or issues of the same country.

Under the FIX national rating scale, this category is assigned to the best credit risk relative to any other risk in the country. When the characteristics of the issue or issuer are particularly sound, a “+” sign is added to the category.