Moody's rates Asociacion de Cooperativas Argentinas loans B2

Moody's Investors Service said it assigned a B2 global local currency rating and A1(ar) national-scale rating to Asociacion de Cooperativas Argentinas' bank credit lines with Banco de la Nación Argentina (not rated).

The outlook is positive.

Moody's said that the ratings assigned to Asociacion de Cooperativas Argentinas' credit lines, which amount to $63 million, are at the same level as Asociacion de Cooperativas Argentinas's B2 corporate family rating because most of the company's debt is composed of similar bank pre-export financing with no collateral other than export receivables and nearly identical financial covenants.

The agency said that the driver for the ratings and the positive outlook are the company's strong credit metrics for its current B2 rating category and the likely continued improvement in its credit profile.

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