Moody's ups Garbarino

Moody's Investors Service said it affirmed Garbarino SA's B2 local-currency corporate family rating and upgraded its Argentina national scale rating to Aa3.ar from A1.ar, along with its B2 local-currency rating and national scale rating to Aa3.ar from A1.ar on its 30 million bonds in Argentine pesos issued in domestic market in Argentina and the 15 million in Argentine pesos loan with Banco de la Nacion Argentina.

The outlook was revised to positive from stable.

The change in outlook was prompted by Garbarino's strong revenue growth and an expectation that its sales and funds from operations will continue to benefit from the government sponsored installment payment scheme for consumer electronics products as well as from the 2010 World Cup Soccer event, Moody's said.

The ratings reflect Garbarino's strong credit metrics, adequate liquidity profile and low leased-adjusted debt leverage, the agency said.

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