NEW YORK (TheStreet) -- Shares of Argentina-based Banco Macro SA (BMA) are down by -6.74% to $41.91 in early afternoon trading on Thursday, as Argentine stocks take a hit after the country defaulted on its debt for the second time in 13 years.
Creditors from the U.S. and Argentina were in talks to try and keep the country from defaulting, but discussions broke down late Wednesday afternoon, USA Today reports.
Other stocks falling as a result of the default include BBVA Banco Frances (BFR), down by -7.61% to $12.87, Grupo Financiero Galicia (GGAL), lower by -7.13% to $15.75, and YPF SA (YPF), down by -8.74% to $35.61.
Must Read: Warren Buffett's 25 Favorite Stocks
Separately, TheStreet Ratings team rates BANCO MACRO SA as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate BANCO MACRO SA (BMA) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."