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Announcement:

Moody's announces rating actions on Argentine bond funds after sovereign rating upgrade

 The document has been translated in other languages

06 Dec 2017

Buenos Aires City, December 06, 2017 -- Moody's Latin America Agente de Calificación de Riesgo ("Moody's") has taken rating actions on 159 of its rated bond funds in Argentina, following Moody's Investors Service's recently announced upgrade of the Argentine government's bond rating to B2 stable from B3 positive, and the concurrent raising of Argentina's long-term local currency and deposit ceilings to Ba2 from Ba3, on 29 November 2017 (see press release titled "Moody's Upgrades Argentina's Rating to B2; Outlook Stable"). As a consequence of the sovereign action, the global scale bond fund ratings of 4 bond funds were upgraded, 28 bond funds were placed under review for possible upgrade and finally the global scale ratings of 127 bond funds were affirmed. In addition, the national scale bond fund ratings of 53 bond funds were upgraded and 106 national scale bond fund ratings were affirmed. See a complete list of the funds and ratings affected in the link at the end of this press release.

RATINGS RATIONALE

GLOBAL SCALE RATINGS

The upgrade of global scale bond fund ratings for 4 Argentine bond funds reflects strong improvement in the funds' credit profiles driven by the sovereign upgrade.

The 28 bond funds placed under review for upgrade also reflects an improvement in portfolio credit quality from the sovereign upgrade. The review will consider the funds' ability to sustain these improvements in portfolio credit quality as part of their respective investment strategies.

For the 127 bond funds whose global scale ratings were affirmed, the affirmation is based on comparatively more modest improvements in portfolio credit quality from the sovereign upgrade.

NATIONAL SCALE RATINGS

The one-notch upgrade of 53 Argentine bond fund's national scale bond fund ratings was driven by the recent upgrade of Argentina's sovereign rating and the related change in the mapping of global scale bond fund ratings to national scale bond fund ratings.

For a detailed list of the affected bond fund ratings, please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_197953

The principal methodology used in these ratings was Moody's Bond Fund Rating Methodology, published in May 2013. Please see the Rating Methodologies page on www.moodys.com.ar for a copy of this methodology.

Other methodologies and factors that may have been considered in the process of rating this fund can also be found in the Rating Methodologies on Moody's website.

Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in May 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings". While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons, please see https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1060333.

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

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Carlos de Nevares
Vice President - Senior Analyst
Managed Investments Group
Moody's Latin America ACR
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: 800 666 3506
Client Service: 1 212 553 1653

Marc R. Pinto, CFA
MD - Financial Institutions
Managed Investments Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Latin America ACR
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: 800 666 3506
Client Service: 1 212 553 1653

No Related Data.
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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."

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