Moody’s assigns Ba3 to Arcor notes

Moody's Investors Service said it assigned a Ba3 global scale rating and Aa1.ar national scale rating to Arcor SAIC’s new unsecured notes for up to R$2 million due 2021.

Moody’s said the ratings are supported by Arcor’s position as one of world’s largest sweets producer and leading manufacturer of cookies, processed food and corrugated cardboard.

In addition, the company has a long track record of prudent financial policy, Moody’s said.

The outlook is negative, which follows the revision of the Argentine government’s B2 outlook to negative from stable.

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