Moody's lowers Alto Parana

Moody's Latin America said it downgraded Alto Parana SA's local currency corporate family rating to B1 from Ba3.

The outlook is stable.

At the same time, Moody's affirmed the Baa2 foreign currency rating and the Aaa.ar Argentina national scale rating on Alto Parana's $270 million fully guaranteed notes.

The outlook on these notes remains negative.

Moody's said the downgrade reflects its view that Alto Parana ultimately cannot be completely de-linked from the credit quality of the Argentinean government and thus its ratings need to more closely reflect the risk that they share with the sovereign.

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