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Rating Action:

Moody's affirms Argentine non-financial companies' ratings, changes outlooks to stable

29 Sep 2020

New York, September 29, 2020 -- Moody's Investors Service, ("Moody's") has affirmed the ratings of eight non-financial non-utilities companies with operations in Argentina and has changed outlooks to stable from negative on all these companies.

The rating actions on these companies follow Moody's Investors Service's affirmation of Argentina's government bond rating at Ca, with the outlook changed to stable from negative, on 28 September 2020. For more information, please see "Moody's affirms Argentina's Ca rating, changes outlook to stable" available at moodys.com.

ISSUERS AND RATINGS AFFECTED

Affirmations:

..Issuer: Arcor S.A.I.C.

.... Corporate Family Rating, Affirmed Caa2

....Senior Unsecured Regular Bond/Debenture, Affirmed Caa2

..Issuer: Pan American Energy, S.L.

.... Corporate Family Rating, Affirmed Caa1

..Issuer: Pan American Energy, S.L., Argentine Branch

....Gtd Senior Unsecured Medium-Term Note Program, Affirmed (P)Caa1

....Gtd Senior Unsecured Regular Bond/Debenture, Affirmed Caa1

..Issuer: Raghsa S.A.

.... Corporate Family Rating, Affirmed Caa2

....Senior Unsecured Regular Bond/Debenture, Affirmed Caa2

..Issuer: Tecpetrol Internacional S.L.U.

.... Corporate Family Rating, Affirmed Caa1

..Issuer: TECPETROL S.A.

....Gtd Senior Unsecured Regular Bond/Debenture, Affirmed Caa1

..Issuer: Telecom Argentina S.A.

.... Corporate Family Rating, Affirmed Caa3

....Senior Unsecured Regular Bond/Debenture, Affirmed Caa3

..Issuer: YPF Sociedad Anonima

.... Issuer Rating, Affirmed Caa3

....Senior Unsecured Medium-Term Note Program, Affirmed (P)Caa3

....Senior Unsecured Regular Bond/Debenture, Affirmed Caa3

Outlook Actions:

..Issuer: Arcor S.A.I.C.

....Outlook, Changed To Stable From Negative

..Issuer: Pan American Energy, S.L.

....Outlook, Changed To Stable From Negative

..Issuer: Pan American Energy, S.L., Argentine Branch

....Outlook, Changed To Stable From Negative

..Issuer: Raghsa S.A.

....Outlook, Changed To Stable From Negative

..Issuer: Tecpetrol Internacional S.L.U.

....Outlook, Changed To Stable From Negative

..Issuer: TECPETROL S.A.

....Outlook, Changed To Stable From Negative

..Issuer: Telecom Argentina S.A.

....Outlook, Changed To Stable From Negative

..Issuer: YPF Sociedad Anonima

....Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Arcor S.A.I.C.

Lead Analyst: Martina Gallardo Barreyro

Person Approving Credit Rating: Marianna Waltz

Moody's affirmed Arcor S.A.I.C.'s ("Arcor") Corporate Family Rating (CFR) and senior unsecured global notes' ratings at Caa2. The outlook was changed to stable from negative.

Arcor's rating are supported by its leading market position as one of the largest food producers in the region and the largest in Argentina, where it has a leading market position in the confectionery and chocolates industry. The rating is also supported by the limited volatility in products as the majority of its revenues are derived from the relatively stable food business; which in turn explain Arcor's strong performance during the COVID-19 pandemic, increasing six-month EBITDA through June 2020 by 47% to $147 million. Its international business gives it access to fast-growing developing markets and provide foreign currency cash flow (45% of sales in foreign currency, including exports from Argentina), which provide natural hedges for its US dollar denominated debt. Furthermore, Arcor's consolidated liquidity is supported by available foreign-currency cash balances, which comprise most of its ARS11 billion (around $150 million) in cash as of June 30, 2020; that eventually support the service of US dollar denominated debt in case of need.

The stable outlook on Arcor reflects our expectation that the company´s credit metrics and operations will remain solid through the next 12-18 months. Arcor´s creditworthiness cannot be completely de-linked from the credit quality of the Argentine government, and thus its ratings and outlook also incorporate the risks that it shares with the sovereign.

Pan American Energy, S.L and Pan American Energy, S.L., Argentine Branch

Lead Analyst: Martina Gallardo Barreyro

Person Approving Credit Rating: Marianna Waltz

Moody's affirmed Pan American Energy, S.L.´s (PAE) CFR at Caa1. At the same time, Moody's affirmed Pan American Energy, S.L., Argentine Branch's (PAE Argentine Branch) Caa1 backed senior unsecured notes rating and (P)Caa1 backed senior unsecured MTN rating. The outlook was changed to stable from negative.

PAE´s rating reflects the companies' solid cash generation and interest coverage, strong sponsors, good liquidity profile and conservative financial policies despite weak operating environment in Argentina. PAE is 50% owned by BP p.l.c. (A1 negative) and 50% owned by BC, a privately-owned oil and gas company that is 50% owned by Bridas Energy Holdings Ltd. and 50% by CNOOC Limited (CNOOC, A1 stable). PAE's rating is constrained by (1) its concentration of operations and assets in Argentina (91% of proved reserves), although the company also operates in Bolivia (6%) and will soon ramp up operations in Mexico (3%); and (2) its exposure to the uncertain energy government policies in Argentina, which could limit PAE's ability to economically exploit its reserves and book additional proven reserves. PAE Argentine Branch's outstanding senior unsecured notes' Caa1 rating mirrors the rating and outlook of its guarantor, PAE.

PAE's stable rating outlook reflects the company's solid credit metrics for its rating category and good liquidity profile. PAE´s creditworthiness cannot be completely de-linked from the credit quality of the Argentine government, where it generates the bulk of its revenues, and thus its ratings and outlook also incorporate the risks that it shares with the sovereign.

Raghsa S.A.

Lead Analyst: Martina Gallardo Barreyro

Person Approving Credit Rating: Marianna Waltz

Moody's affirmed Raghsa S.A.'s (Raghsa) CFR and senior unsecured notes' ratings at Caa2. The outlook was changed to stable from negative.

Raghsa's Caa2 rating is mainly supported by (1) our expectation of higher operating cash flow in fiscal year ending in February 2021 resulting from the new lease revenue at the new Centro Empresarial Libertador office building; (2) Raghsa's high occupancy rates; (3) healthy tenant base and (4) healthy liquidity profile. The rating also reflects Raghsa's moderate leverage for the rating category relative to its high-quality assets, which are mostly unencumbered and support its liquidity sources. Key rating challenges for Raghsa's ratings are its small size relative to its industry peers, and the concentration of its portfolio in four office buildings in the City of Buenos Aires. Raghsa's liquidity profile is very good. Cash and marketable securities are denominated in US dollars and amount to $133 million as of May 31, 2020, with no significant debt maturities until 2024 and 2027.

Raghsa's stable outlook reflects Moody's view that the creditworthiness of the company will be supported by steady revenue and cash flow generation derived from the broad base of tenants, high occupancy rates and multiple-year lease contracts. Raghsa´s creditworthiness cannot be completely de-linked from the credit quality of the Argentine government, where it generates the bulk of its revenues, and thus its ratings and outlook also incorporate the risks that it shares with the sovereign.

Tecpetrol Internacional S.L.U. and Tecpetrol S.A.

Lead Analyst: Martina Gallardo Barreyro

Person Approving Credit Rating: Marianna Waltz

Moody's affirmed Tecpetrol Internacional S.L.U. (Tecpetrol Internacional) CFR at Caa1 and Tecpetrol S.A. backed senior unsecured notes' rating at Caa1. The outlook was changed to stable from negative.

Tecpetrol Internacional 's Caa1 rating reflects its geographic diversification, with oil and gas assets and operations mainly in Argentina, Peru, Mexico, Colombia, Bolivia and Ecuador, and its low financial leverage, solid operating cash flow and strong management profile. The rating also incorporates the strength and support of its ultimate shareholder, the Techint Group. These factors are counterbalanced by the high balance of company's operations in Argentina (62% of oil and gas production as of the last twelve months ended June 2020) and exposure to Argentina's uncertain energy policy and regulatory environment. Tecpetrol S.A.'s outstanding senior unsecured notes' Caa1 rating mirrors the rating and outlook of its owner and guarantor, Tecpetrol Internacional.

Tecpetrol Internacional's stable outlook reflects the company's solid credit metrics for its rating category and good liquidity profile. The company´s creditworthiness cannot be completely de-linked from the credit quality of the Argentine government, where it generates the bulk of its revenues, and thus its ratings and outlook also incorporate the risks that it shares with the sovereign.

Telecom Argentina S.A.

Lead Analyst: Marcos Schmidt

Person Approving Credit Rating: Marianna Waltz

Moody's affirmed Telecom Argentina S.A. (Telecom Argentina)'s CFR and senior unsecured notes' ratings at Caa3. The outlook was changed to stable from negative.

Telecom Argentina's Caa3 ratings are supported by the company's (1) market position as the largest integrated telecom operator in Argentina, (2) its solid market share of around 37% in cable TV, 54% in broadband, 50% in fixed telephony and 33% in mobile services; and (3) Solid financial metrics for its rating category. The company has low leverage, driven by its strong cash flow from operations. The ratings are mainly constrained by (1) tight regulatory oversight of Argentina's telecom industry, which poses operating risks, (2) concentration of operations in Argentina (Government of Argentina, Ca stable), (3) foreign-currency financing risk, because the company generates most of its revenue in Argentine pesos, and (4) expected negative free cash flow (FCF) generation through 2021.

The stable outlook of Telecom mirrors the stable outlook on Argentina's sovereign rating. The company´s creditworthiness cannot be completely de-linked from the credit quality of the Argentine government, where it generates the bulk of its revenues, and thus its ratings and outlook also incorporate the risks that it shares with the sovereign.

YPF Sociedad Anonima

Lead Analyst: Martina Gallardo Barreyro

Person Approving Credit Rating: Marianna Waltz

Moody's affirmed YPF Sociedad Anonima's (YPF) Issuer Rating and senior unsecured notes' rating at Caa3. Moody's also affirmed YPF's MTN program´s rating at (P)Caa3. YPF's Baseline Credit Assessment (BCA) has been affirmed at caa3. The outlook was changed to stable from negative.

YPF's Caa3 ratings reflect the company's (1) large oil and gas production and its reserve size; (2) good cash generation and credit metrics for its rating category; (3) status as the largest industrial corporate and energy company in the domestic market; and (4) links with the Government of Argentina, its controlling shareholder, which combine YPF's underlying caa3 BCA, which expresses a company's intrinsic credit risk, and our view of moderate support from and high dependence on the Argentine government. The ratings are mainly constrained by YPF's (1) concentration of operations in Argentina, (2) a moderate-to-high foreign-currency risk given that most of the company's debt is denominated in foreign currency, (3) its portfolio of majority mature producing fields, and (4) its rigid labor cost structure. Also, the new and more restrictive capital controls imposed by the Argentina's Central Bank (BCRA) from October 2020 through March 2021 heighten YPF's refinancing risk. The company has a total amount of $1.984 million in debt maturing in the next 12 months as of June 2020; the largest maturity are the $413 million remaining of $1 billion senior unsecured notes due in March 2021.

The stable outlook reflects Moody's belief that YPF's main shareholder, the Argentine State, i) will exert no influence over the company to spend in capital expenditures or dividends beyond its operating cash flow generation capacity and ii) has incentives to maintain prices of crude and oil products at a level that makes it economically attractive for oil companies to invest to increase production and reduce the country's dependence on imports of oil products and natural gas. YPF´s creditworthiness cannot be completely de-linked from the credit quality of the Argentine government, and thus its ratings also incorporate the risks that it shares with the sovereign. Also, the stable outlook reflects our view that possible losses for senior unsecured creditors will not be greater than those associated with a Caa3 rating.

COMPANIES PROFILE

Headquartered in Cordoba, Argentina, Arcor S.A.I.C. (Arcor) is one of the largest food companies in the country, with around ARS129.4 billion (around $2,202 million) in sales for the 12 months ended in June 2020. Arcor is focused on three business divisions: consumer food products (confectionary, chocolates, ice cream, cookies, crackers, snacks, cereals and food), agribusiness and packaging. The company has a presence in 120 countries and has more than 40 plants in Latin America and a total of around 20,000 employees.

Pan American Energy, S.L. (PAE) is a privately-owned energy company. The company is mainly involved in the exploitation of oil and natural gas reserves in Argentina (91% of total proved reserves), Bolivia (6%) and Mexico (3%). PAE is Argentina's second-largest oil and gas company by volume. Additionally, from April 2018, PAE incorporated downstream operations through its integration with Axion Energy Argentina S.A. (Axion), becoming the largest privately-owned integrated energy company operating in Argentina. PAE owns PAE Argentine branch, which accounts for around 70% of its total production and 80% of proved reserves.

Raghsa S.A. (Raghsa) is a family-owned, fully integrated developer in Argentina. The company has been engaged in the construction, development, ownership and leasing of premium office, commercial and residential buildings for more than 50 years. Mainly located in the City of Buenos Aires, Raghsa owns five office buildings, accounting for around 135,000 square meters (m2) of leasable area, including Raghsa's latest project, the office building Centro Empresarial Libertador, which has recently opened for business. As of 31 May 2020, Raghsa reported total assets of ARS65.4 billion (around USD 999 million).

Tecpetrol Internacional S.L.U. is a private holding company based in Spain, with oil and gas operations exclusively in Latin America. The company's assets include, among others, the shares of Tecpetrol S.A., Tecpetrol Colombia S.A., Tecpetrol Bolivia S.A., Suizum S.L.U., Tecpetrol Operaciones S.A. de C.V., Pardaliservices S.A., TecpAndina LLC and TecpEcuador S.A. The company carries out oil and gas exploration and production (E&P) mainly in Argentina, Peru, Ecuador, Colombia, Bolivia and Mexico. In addition, it has a gas transportation and distribution business in Argentina and Mexico, along with an electricity generation plant in Mexico.

Headquartered in Buenos Aires, Argentina, Telecom Argentina S.A. is one of the three major telecommunications service providers in Argentina. The company offers mobile, broadband, fixed and pay-TV services to the residential, corporate and government sectors, and is one of the largest private-sector companies in the country. For the last twelve months ended in June 2020 Telecom's revenue and adjusted EBITDA were ARS232,910 million and ARS89,324 million, respectively.

Headquartered in Buenos Aires, Argentina, YPF Sociedad Anonima (YPF) is an integrated energy company with operations concentrated in the exploration, development and production of crude oil, natural gas and liquefied petroleum gas, and downstream operations engaged in refining, chemicals production, retail marketing, transportation and distribution of oil and petroleum products. The company is 51% owned by the Argentine Estate and had revenues of USD 11.5 billion in the last twelve months as of June 2020 and total assets of USD 23.8 billion as of June 30, 2020.

The principal methodology used in rating Pan American Energy, S.L., Pan American Energy, S.L., Argentine Branch was Integrated Oil and Gas Methodology published in September 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1172345. The principal methodology used in rating Raghsa S.A. was REITs and Other Commercial Real Estate Firms published in September 2018 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1095505. The principal methodology used in rating Tecpetrol Internacional S.L.U., TECPETROL S.A. was Independent Exploration and Production Industry published in May 2017 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1056808. The principal methodologies used in rating YPF Sociedad Anonima were Integrated Oil and Gas Methodology published in September 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1172345, and Government-Related Issuers Methodology published in February 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1186207. The principal methodology used in rating Arcor S.A.I.C. was Consumer Packaged Goods Methodology published in February 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1202237. The principal methodology used in rating Telecom Argentina S.A. was Telecommunications Service Providers published in January 2017 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1055812. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Maria Gallardo Barreyro
Vice President - Senior Analyst
Corporate Finance Group
JOURNALISTS: 1 800 666 3506
Client Service: 1 212 553 1653

Marianna Waltz, CFA
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 0 800 891 2518
Client Service: 1 212 553 1653

Marcos Schmidt
VP - Senior Credit Officer
Corporate Finance Group
JOURNALISTS: 1 800 666 3506
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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