NEW YORK (TheStreet) -- An Argentine court is preventing Citigroup's (C) unit in the South American country from taking further steps in withdrawing from its role as custodian of some of Argentina's sovereign bonds as a battle with U.S. creditors over unpaid debts continues, Reuters reports.
A court handed down the ruling on Monday.
Last month, the Argentine government announced that it was suing Citibank Argentina for coming to, what it calls, an illegal deal with hedge funds based in New York that are fighting for full payments on defaulted debts, Reuters said, adding that Citigroup believes itself to be an innocent party caught up in a bitter legal battle.
Previously Argentina has suspended the bank from any capital market operations and removed its CEO from authority.
Shares of Citigroup are up by 0.26% to $54.81 in pre-market trading on Tuesday morning.
Separately, TheStreet Ratings team rates CITIGROUP INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate CITIGROUP INC (C) a BUY. This is driven by several positive factors, 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 increase in net income, expanding profit margins, solid stock price performance and growth in earnings per share. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."