Moody's Latin America foreign currency ceilings

Moody's Investors Service published the results of an examination of corporate sector ratings in Latin America in light of the revision of its rating methodology for foreign currency ceilings.

The following is a list of affected issuers in the Latin America region, including the rating changes that result from the application of the methodology:

Companhia de Bebidas das Americas: Issuer rating (foreign currency) - upgraded to Ba2 from Ba3; positive outlook; issuer rating (domestic currency) - affirmed at Baa3, stable outlook;

Administracion Nacional de Combustibles: Issuer rating (foreign currency) - upgraded to B1 from B3; stable outlook;

Pan American Energy LLC: Corporate family rating (foreign currency) - upgraded to B2 from B3; stable outlook; issuer rating (domestic currency) - affirmed at Ba2; stable outlook; guaranteed senior unsecured rating of Pan American Energy LLC, Argentine Branch (foreign currency) - affirmed at Ba3; stable outlook;

Petroleo Brasileiro SA: Corporate family rating (foreign currency) - upgraded to Ba2 from Ba3; positive outlook; issuer rating (domestic currency) - affirmed at A2; stable outlook; senior unsecured rating (national scale rating) - affirmed at Aaa.br; stable outlook; senior unsecured rating (foreign currency) - affirmed at Baa2; stable outlook; senior unsecured rating of PIFCO (foreign currency) - affirmed at Baa2; stable outlook;

Petrobras Energia SA: Corporate family rating (foreign currency) - upgraded to B2 from B3; stable outlook; senior unsecured rating (foreign currency) - affirmed at Ba2; stable outlook;

Petroleum Co. of Trinidad & Tobago: Issuer rating (foreign currency) - upgraded to Baa1 from Baa2; stable outlook;

Petroleos de Venezuela SA: Corporate family rating (foreign currency) - upgraded to B1 from B2; stable outlook; issuer rating (foreign currency) - upgraded to B1 from B2; stable outlook; issuer rating (domestic currency) - affirmed at B1; developing outlook.

Telefonica de Argentina, SA: Corporate family rating (foreign currency) - upgraded to B2 from B3; stable outlook; issuer rating (foreign currency) - upgraded to B2 from B3; stable outlook; senior unsecured rating (foreign currency) - upgraded to B2 from B3; stable outlook.

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