Moody's updates Argentine companies

Moody's Latin America said it downgraded the global scale debt and issuer ratings for several Argentine non-financial corporates to Caa1 from B3.

The action follows the March 17 downgrade of the Argentine government's bond rating to Caa1 with stable outlook from B3 with negative outlook. The deterioration in Argentina's credit profile as captured in the rating downgrade has direct implications for the ratings of corporates, given that it also expresses the increase of systemic risks for all local credits.

At the same time and in light of the downgrade of the global scale, issuer and foreign and local currency debt ratings, Moody's downgraded the ratings of the following issuers:

• Alto Parana SA: global local currency corporate family rating to B2 from B1; the Baa3 global foreign currency and Aaa.ar national foreign currency rating of the senior unsecured notes remain unchanged (backed);

• Aluar Aluminio Argentino SAIC: B3 global local currency corporate family rating and A2.ar national local currency rating from B2/Aa3.ar; global foreign currency national local currency for the senior unsecured notes to B3/A2.ar from B2/Aa3.ar;

• Arcor SAIC: B2 global local currency corporate family rating from B1; B2 global foreign & national currency rating for the senior unsecured notes and Aa3.ar national foreign and national currency rating for the senior unsecured notes from B1/Aa2.ar;

• Asociacion de Cooperativas Argentinas SA: B3 global local currency corporate family rating and A2.ar national local currency corporate family rating from B2/A1.ar; B3 global national and local currency rating and A2.ar national global and local currency rating for the unsecured bank credit facility from B2/A1.ar;

• Cablevision SA: global foreign currency corporate family rating to Caa1 from B3; global foreign currency rating for the senior unsecured notes to Caa1 from B3;

• Car Security SA: Caa1 global local currency corporate family rating and Ba1.ar national local currency corporate family rating from B3/A3.ar;

• Carsa SA: Caa1 global local currency corporate family rating and Ba1.ar national local currency corporate family rating from B3/A2.ar; Caa1 global local currency rating and Ba1.ar national local currency rating for the senior unsecured notes from B3/A2.ar;

• Electroingenieria SA: Caa1 global local currency and Ba1.ar national local currency corporate family ratings from B3/A3.ar;

• Holcim (Argentina) SA: global local currency corporate family rating to B3 from B2; the A2.ar national local currency corporate family rating remains unchanged, given that it still maps to the rating category;

• Jose Cartellone Construcciones Civiles SA: Caa1 global local currency corporate family rating and Ba1.ar national local currency corporate family rating from B3/A3.ar; Caa1 global local currency rating and Ba1.ar national local currency rating for the senior unsecured bank credit facility from B3/A3.ar;

• Longvie SA: Caa1 global local currency corporate family rating and Ba1.ar national local currency corporate family rating from B3/A3.ar; Caa1 global local currency rating and Ba1.ar national local currency rating for the senior unsecured notes from B3/A3.ar;

• Mirgor SA: Caa1 global local currency corporate family rating and Ba1.ar national local currency corporate family rating from B3/A3.ar; Caa1 global local currency rating and Ba1.ar national local currency rating for the senior unsecured bank credit facility from B3/Baa1.ar;

• Newsan SA: B3 global local currency corporate family rating and A2.ar national local currency corporate family rating from B2/Aa3.ar; B3 global local currency rating and A2.ar national local currency rating for the senior unsecured bank credit facility from B2/Aa3.ar; B3 global local currency rating and A2.ar national local currency rating for the senior unsecured notes from B2/Aa3.ar;

• Papel Misionero Saifc: Ba1.ar national local currency rating for the senior unsecured bank credit facility from Baa1.ar;

• Pilisar SA: the Caa3 global local currency corporate family rating remains unchanged, given that it was already below the sovereign rating; B3 global local currency rating and A2.ar national local currency rating for the senior unsecured bank credit facility from B2/Aa3.ar;

• Quickfood SA: the Caa2 global local currency corporate family rating remains unchanged, given that it was already below the sovereign rating; B3.ar national local currency corporate family rating, from B2.ar; the Baa3 global foreign currency and Aaa.ar national foreign currency rating of the senior secured notes remain unchanged (backed);

• Raghsa SA: Caa1 global local currency corporate family rating and Ba1.ar national local currency corporate family rating from B3/Baa2.ar; Caa1 global foreign currency rating and Ba1.ar national foreign currency rating for the senior unsecured notes from B3/Baa2.ar;

• Sullair Argentina SA: Caa1 global local currency corporate family rating and Ba1.ar national local currency corporate family rating from B3/A2.ar; Caa1 global local currency rating and Ba1.ar national local currency rating for the senior unsecured bank credit facility from B3/A2.ar;

• YPF SA: Caa1 global local currency issuer rating and Ba1.ar national local currency issuer rating from B3/A2.ar; Caa1 and provisional Caa1 Global foreign currency rating for the senior unsecured notes and medium-term note program from B3 and provisional B3;

• Zucamor SA: Caa1 global local currency corporate family rating and Ba1.ar national local currency corporate family rating from B3/Baa1.ar; Caa1 global foreign currency rating and Ba1.ar national foreign currency rating for the senior unsecured bank credit facility from B3/Baa1.ar;

• Pan American Energy LLC: global local currency corporate family rating to B2 from B1. Pan American Energy LLC, (Argentine Branch): B2 global local currency rating for the senior unsecured bank credit facility from B1; Aa3.ar national local currency rating for the senior unsecured bank credit facility from Aa2.ar.; B2 global foreign currency rating for the senior unsecured notes from B1; and

• Petrobras Argentina SA: global local currency corporate family rating to B2 from B1; B2 global foreign currency rating for the senior unsecured notes from B1; B1 global foreign currency rating for the senior secured notes from Ba3; the Baa1 global foreign currency rating for the backed senior unsecured notes remains unchanged, as well as the Aaa.ar national foreign currency rating for the same backed senior unsecured notes.

At the same time, Moody's changed the outlook of AMS Foods International SA to stable from negative, in line with the outlook change of its guarantor (Aval Rural SGR from Financial Intitutions Group). The Caa3 global local currency corporate family rating and the B2/A1.ar foreign currency ratings for the backed senior unsecured notes remain unchanged.

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