Moody's lowers several Argentine companies to negative

Moody's Latin America Agente de Calificación de Riesgo said it has revised to negative from stable the outlook for several companies operating in Argentina, while ratings of all Argentine companies were affirmed.

The companies' outlook changes follow the revision in Argentinean government's Caa1 rating outlook to negative from stable on July 31, the agency said.

Affected companies include the following:

• Alto Parana SA with the Baa3 global foreign currency and Aaa.ar national foreign currency rating of the backed senior unsecured notes (guarantor Celulosa Arauco y Constitucion SA, rated Baa3 stable) affirmed. The outlook remains stable;

• Arcor SAIC with the B2 global foreign & national currency rating and Aa1.ar national foreign & national currency rating for the senior unsecured notes affirmed. The outlook remains stable;

• Raghsa SA with the Caa1 global local currency corporate family rating and Baa3.ar national local currency corporate family rating and the Caa1 global foreign currency rating and Baa3.ar national foreign currency rating for the senior unsecured notes affirmed. The outlook was changed to negative from stable;

• YPF SA with the Caa1 global local currency issuer rating and Baa1.ar national local currency issuer rating affirmed. The outlook was changed to negative from stable; and

• Pan American Energy LLC, Argentine Branch with the B2 global local currency rating and Aa1.ar national local currency rating for the senior unsecured bank credit facility affirmed. The outlook remains stable.

Moody’s said that the rating outlook revisions for these companies were triggered by the change to negative in the outlook for the Argentine government's Caa1 rating, as holders of Argentine foreign legislation bonds restructured in 2005 and 2010 had not received their scheduled payment on July 30, following a 30 day grace period from the original June 30 payment date.

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