Fitch cuts Argentine companies

Fitch Ratings said it downgraded the ratings of several Argentine corporates.

These actions follow Fitch's downgrade of the Republic of Argentina's foreign currency issuer default rating to CC and its local currency issuer default rating to B-, as well its country ceiling to B-.

The agency said the downgrades of the ratings on these Argentine corporates to B- from B reflect the deterioration of the economic outlook and operating environment, implicit in the lower sovereign local currency rating and country ceiling.

The negative outlooks that have been assigned to the issuers with international ratings listed below reflect the high degree of uncertainty about the business climate and economic conditions that should persist throughout 2013.

The agency downgraded:

• Alto Palermo SA's local currency rating to B+ from BB-, its foreign currency rating to B- from B and its senior unsecured notes due 2017 to B/RR3 from B+/RR3;

• Arcor SAIC's local currency rating to B+ from BB-, its foreign currency rating to B from B+ and its senior unsecured notes due 2017 to B/RR4 from B+/RR4;

• Cablevision SA's local currency rating to B- from B+, its foreign currency rating to B- from B and its senior unsecured notes due 2016 to B-/RR4 from B/RR4;

• Capex SA's local currency rating to B- from B, its foreign currency rating to B- from B, its national scale long-term rating to A(arg) from A+(arg) and its senior unsecured notes due 2018 to B- RR4/A(arg) from B/RR4/A+(arg);

• Central Termica Loma de la Lata SA's secured notes due 2015 to A-(arg) from A(arg);

• Central Termica Guemes' national scale long-term rating to A-(arg) from A(arg), its senior unsecured notes due 2013 to A-(arg) from A(arg);

• Celulosa Argentina SA's local currency rating to B- from B and its foreign currency rating to B- from B;

• Compania Latinoamericana de Infraestructura y Servicios SA's local currency rating to B- from B, its foreign currency rating to B- from B, its national scale long-term rating to A(arg) from A+(arg), its national scale $120 million senior unsecured notes rating due 2016 to A(arg) from A+(arg);

• Cresud SA CIF y A's local currency rating to B- from B, its foreign currency rating to B- from B and its senior unsecured notes due 2014 to B-/RR4 from B/RR4;

• Inversiones y Representaciones SA's local currency rating to B+ from BB-, its foreign currency rating to B- from B and its senior unsecured notes due 2017 & 2020 to B/RR3 from B+/RR3;

• ODS SA's national scale long-term rating to A(arg) from A+(arg) and its senior unsecured notes due 2014 and 2016 to A(arg) from A+(arg);

• Petroquimica Comodoro Rivadavia's national scale long-term rating to A(arg) from A+(arg);

• Pan American Energy LLC's local currency rating to B+ from BB and its foreign currency rating to B/B+;

• Pan American Energy LLC Sucursal Argentina's senior unsecured notes to B/RR3 and AA+(arg) from BB-/RR3 and AAA(arg), and its national scale long-term rating to AA+(arg) from AAA(arg);

• Telecom Argentina SA's local currency rating to B+ from BB- and its foreign currency rating to B- from B;

• Transportadora de Gas del Sur SA's local currency rating to B from B+, its foreign currency rating to B- from B, its senior unsecured notes due 2017 to B-/RR4 from B/RR4;

• TGLT SA's national scale long-term rating to BBB+(arg) from A-(arg), its senior unsecured notes due 2014 to BBB+(arg) from A-(arg); and

• YPF SA's local currency rating to B- from B, its foreign currency rating to B- from B and its senior unsecured notes due 2028 to B-/RR4 from B/RR4.

Fitch also revised YPF SA's outlook to negative.

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