Moody's cuts four Argentine companies

Moody's Latin America said it downgraded the global scale foreign currency debt ratings for various utilities and infrastructure companies operating in Argentina to B3 from B2.

Moody's said the following downgrades follow its Oct. 25 downgrade in the foreign currency ceiling of Argentina to B3 from B2:

• Empresa Distribuidora de Electricidad de Salta SA: $63 million senior unsecured notes downgraded to B3 from B2 and A2.ar national scale rating affirmed;

• Hidroelectrica El Chocon SA: corporate family rating downgraded to B3 from B2 and A2.ar national scale rating affirmed;

• Transportadora de Gas del Sur SA: $400 million senior unsecured notes downgraded to B3/A2.ar from B2/A1.ar; and

• Aeropuetos Argentina 2000 SA: corporate family rating, $300 million 2020 senior unsecured notes and class A, class B and class C senior unsecured local notes downgraded to B3/A2.ar from B2/Aa3.ar.

At the same time and in light of the downgrade in the global scale of their foreign currency debt ratings, Moody's downgraded the national scale ratings of Aeropuertos Argentina 2000 SA to A2.ar from Aa3.ar and Transportadora de Gas del Sur to A2.ar from A1.ar.

The A2 national scale ratings for Hidroelectrica El Chocon and Empresa Distribuidora de Electricidad de Salta were affirmed.

The outlooks all remain negative.

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