Moody's rates Sullair loan B2

Moody's Investors Service said it affirmed Sullair Argentina SA's B2 local currency corporate family rating and A2.ar Argentine national-scale rating and assigned B2/A2.ar ratings to its AR$60 million loan from Banco de la Nación Argentina.

The outlook is stable.

The ratings are supported by Sullair's solid franchise and long track record in the equipment rental market in Argentina, as well as by its growing business in Brazil, Moody's said.

The ratings are constrained by Sullair's fragile liquidity position, which results from its high exposure to short-term debt and little cash on its balance sheet, as well as its small scale, limited geographic diversification and exposure to Argentine credit risk, the agency said.

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