Moody’s gives Arcor notes B3

Moody's Investors Service said it assigned a rating of B3 in the global scale and an A3.ar in the national scale of Argentina to Arcor SAIC's senior unsecured notes for up to ARS 2 billion.

The ratings are under review for downgrade.

Net proceeds from the proposed issuance will be used for liability management, capital spending and working capital requirements.

Arcor's ratings are supported by its solid position as one of the largest food producers in the region and the largest in Argentina, with 45 industrial plants in Latin America and diversified revenue base through exports to 120 countries, and its long track record of prudent financial policy, Moody’s said.

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