Moody's cuts Argentine utilities, infrastructure issuers

Moody's Investors Service said it downgraded the ratings and changed the outlook to negative of 11 utilities and infrastructure companies operating in Argentina.

The rating action follows Moody’s downgrade of the government of Argentina's “senior unsecured ratings to Ca from Caa2, and outlook change to negative from ratings under review for downgrade, and reflects the strong credit linkages and exposure these companies have to Argentina's regulations and operating environment,” the agency said in a press release.

This concludes the review Moody’s started on Sept. 3. Moody’s changed the outlook for all of the companies to negative from under review.

The agency lowered the corporate family rating of Empresa Distribuidora de Electricidad Salta and the $65 million of euro medium-term notes due 2021 to Ca from Caa1.

Moody’s cut the ratings on Empresa Distribuidora Norte SA and its $176 million of senior unsecured notes due 2022 to Caa3 from Caa1.

Albanesi SA was trimmed to Caa3 from Caa2.

The agency lowered Generacion Mediterranea SA and its $336 million of senior unsecured notes to Caa3 from Caa2.

Moody’s cut the ratings on Transportadora de Gas del Sur SA and its $500 million of senior unsecured notes Caa3 from Caa1.

Moody’s lowered Aeropuertos Argentina 2000 SA and its $400 million of senior secured notes to Caa3 from Caa1.

The agency cut Agua y Saneamientos Argentinos SA and its $500 million of euronotes due 2023 to Ca from Caa2.

Moody’s downgraded Genneia SA and its $500 million of senior unsecured notes due 2022 to Caa3 from Caa2.

Moody’s cut MSU Energy SA’s $600 million of senior secured global notes due 2025 to Ca from Caa2.

The agency downgraded YPF Energia Electrica SA’s $400 million of senior unsecured global notes due 2026 to Caa3 from Caa2.

The agency downgraded YPF Energia Electrica SA’s $400 million of senior unsecured notes due 2026 to Caa3 from Caa2.

Finally, Moody’s trimmed Pampa Energia SA’s and its notes to Caa3 from Caa1. The downgrade includes the $300 million of notes due 2029, the $750 million of notes due 2027 and $500 million of notes due 2023.

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