Moody's rates GPAT notes B1

Moody's Investors Service said it assigned a B1 global local-currency senior debt rating and an Aa3.ar national scale local-currency debt rating to GPAT Compañía Financiera SA's expected series issuance.

The notes will be issued in up to four tranches due in six-, nine-, 12- and 18-months for a total of up to 500 million in Argentine pesos.

The outlook is stable.

The ratings reflect the company's fundamentals, which remain adequate despite current recessionary conditions in Argentina and very high inflation rates, Moody's said.

High inflation has led to a deterioration in capitalization, profitability and asset quality in 2018, the agency said.

The ratings also consider the high probability of support from the company's ultimate parent, Banco do Brasil SA, Moody's said.

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