Fitch affirms Genneia

Fitch Ratings said it affirmed Genneia SA's long-term foreign currency and local currency issuer default ratings at B. The outlook is negative.

Fitch also affirmed Genneia's senior unsecured notes due 2022 at B/RR4.

The agency said the ratings on Genneia's are constrained by Argentina's country ceiling of B, which limits the foreign currency rating of most Argentine corporates.

The ratings are constrained by the macro-economic environment, including high inflation and steep currency devaluation, Fitch added.

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