S&P's ANCAP ratings unaffected

Standard & Poor's said that Argentina-based Administración Nacional de Combustibles Alcohol y Portland SA's ("ANCAP"; B/positive) ratings will not be affected by its announcement that it has reached an agreement to sell a 46.15% equity stake in Argentina-based fuel distribution company Petrolera del Conosur SA to a Petroleos de Venezuela SA (B+/developing watch) subsidiary for about $15 million.

Since ANCAP's fuel distribution activities in Argentina do not represent a significant source of cash generation for the company, S&P said its credit quality is not affected by the sale.

The agency predicted that ANCAP's core business and main cash generation will continue to come from its refining and marketing division in Uruguay.

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