Moody’s ups Argentine utilities, infrastructure companies

Moody's Investors Service said it upgraded the global scale debt and issuer ratings for various utilities and infrastructure companies operating in Argentina to B3 from Caa1.

The following companies were upgraded:

• Aeropuertos Argentina 2000 SA: Corporate family rating, $300 million 2020 senior unsecured notes and class A and class C senior unsecured local notes;

• Empresa Distribuidora de Electricidad de Salta SA: $63 million senior unsecured amortizing notes;

• Transportadora de Gas del Sur SA (TGS): 2017 and 2020 senior unsecured notes;

• Empresa Distribuidora Norte SA: Corporate family rating and 2017 and 2022 senior unsecured notes;

• Camuzzi Gas Pampeana SA: Corporate family rating;

• Gas Natural Ban SA: Corporate family rating;

• Hidroeléctrica El Chocon SA: Corporate family rating;

• Genneia SA: Corporate family rating and senior secured class 2, 3 and senior unsecured class13 notes;

• Generación Independencia SA: Corporate family rating and senior unsecured class 3 notes;

• Empresa Provincial de Energía de Córdoba: Corporate family rating and $565 million senior secured notes;

• Metrogas SA: Corporate family rating and debt program for up to $600 million; and

• Distribuidora de Gas Cuyana SA: Corporate family rating.

The outlooks are now stable.

The action follows Moody's recent upgrade of the Argentine government's bond rating to B3 from Caa1.

At the same, the national scale ratings (NSRs) for the affected issuers were placed under review direction uncertain pending a potential revision of the Argentina's NSR map.

Following the recent upgrade of Argentina's sovereign rating and the increase of its local currency country ceiling to Ba3 from B1, the current mapping of global scale ratings to national scale ratings may no longer adequately serve one of its intended purposes, which is to provide greater credit differentiation among issuers in Argentina than is possible on the global rating scale, Moody’s said.

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