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Rating Action:

Moody's changes outlook to negative on Argentine Companies

 The document has been translated in other languages

07 Aug 2014

Buenos Aires City, August 07, 2014 -- Moody's Latin America Agente de Calificación de Riesgo has revised to negative from stable the outlook for several companies operating in Argentine, while ratings of all Argentine companies were affirmed. The companies' outlook changes follow the revision in Argentinean government's Caa1 rating outlook to negative from stable on July 31, 2014.

ISSUERS AND RATINGS AFFIRMED

Alto Paraná S.A: the Baa3 Global Foreign Currency and Aaa.ar National Foreign Currency rating of the Backed Senior Unsecured Notes (guarantor is Celulosa Arauco y Constitucion S.A., rated Baa3 Stable) were affirmed. The outlook remains Stable.

Arcor S.A.I.C: the B2 Global Foreign & National Currency rating and Aa1.ar National Foreign & National Currency rating for the Senior Unsecured Notes were affirmed. The outlook remains Stable.

Asociacion de Cooperativas Argentinas Coop: the B3 Global Local Currency Corporate Family Rating and A2.ar National Local Currency Corporate Family Rating; and the B3 Global National & Local Currency rating and A2.ar National Global & Local Currency rating for the Senior Unsecured Bank Credit Facility were affirmed. The outlook remains Stable.

Carboclor S.A: the B3 Global Local Currency Corporate Family Rating and A3.ar National Local Currency Corporate Family Rating were affirmed. The outlook remains Stable.

Car Security S.A: the Caa1 Global Local Currency Corporate Family rating and Baa2.ar National Local Currency Corporate Family rating were affirmed. The outlook was changed to Negative from Stable.

Carsa S.A: the Caa1 Global Local Currency Corporate Family Rating and Baa2.ar National Local Currency Corporate Family Rating; and the Caa1 Global Local Currency rating and Baa2.ar National Local Currency rating for the Senior Unsecured Notes were affirmed. The outlook was changed to Negative from Stable.

Electroingenieria S.A: the Caa1 Global Local Currency Corporate Family Rating and Baa3.ar National Local Currency Corporate Family Ratings were affirmed. The outlook was changed to Negative from Stable.

Holcim (Argentina) S.A: the B3 Global Local Currency Corporate Family Rating and A2.ar National Local Currency Corporate Family Rating were affirmed. The outlook remains Stable.

Jose Cartellone Construcciones Civiles S.A.: the Caa1 Global Local Currency Corporate Family Rating and Baa2.ar National Local Currency Corporate Family Rating; and the Caa1 Global Local Currency rating and Baa2.ar National Local Currency rating for the Senior Unsecured Bank Credit Facility were affirmed. The outlook was changed to Negative from Stable.

Longvie S.A: the Caa1 Global Local Currency Corporate Family Rating and Baa2.ar National Local Currency Corporate Family Rating; and the Caa1 Global Local Currency rating and Baa2.ar National Local Currency rating for the Senior Unsecured Notes were affirmed. The outlook was changed to Negative from Stable.

Mirgor S.A: the Caa1 Global Local Currency Corporate Family Rating and Baa2.ar National Local Currency Corporate Family Rating were affirmed. The outlook was changed to Negative from Stable.

Newsan S.A: the B3 Global Local Currency Corporate Family Rating and A1.ar National Local Currency Corporate Family Rating; the B3 Global Local Currency rating and A1.ar National Local Currency rating for the Senior Unsecured Bank Credit Facility; and the B3 Global Local Currency rating and A1.ar National Local Currency rating for the Senior Unsecured Notes were affirmed. The outlook remains Stable.

Papel Misionero S.A.I.C.F: the Caa1 Global Local Currency rating and Baa3.ar National Local Currency rating for the Senior Unsecured Bank Credit Facility were affirmed. The outlook was changed to Negative from Stable.

Pilisar S.A: the B3 Global Local Currency rating and A1.ar National Local Currency rating for the Senior Unsecured Bank Credit Facility (guarantor is Newsan S.A., rated B3/A1.ar stable) were affirmed. The outlook remains Stable.

Quickfood S.A: the Caa2 Global Local Currency Corporate Family Rating and B2.ar National Local Currency Corporate Family rating; and the Baa3 Global Foreign Currency and Aaa.ar National Foreign Currency rating of the Backed Senior Secured Notes (guarantor is BRF S.A., rated Baa3 Stable) were affirmed. The outlook remains Stable.

Raghsa S.A: the Caa1 Global Local Currency Corporate Family Rating and Baa3.ar National Local Currency Corporate Family Rating; and the Caa1 Global Foreign Currency rating and Baa3.ar National Foreign Currency rating for the Senior Unsecured Notes were affirmed. The outlook was changed to Negative from Stable.

Sullair Argentina S.A: the Caa1 Global Local Currency Corporate Family Rating and Baa2.ar National Local Currency Corporate Family Rating; and the Caa1 Global Local Currency rating and Baa2.ar National Local Currency rating for the Senior Unsecured Bank Credit Facility were affirmed. The outlook remains Stable.

YPF S.A: the Caa1 Global Local Currency Issuer Rating and Baa1.ar National Local Currency Issuer Rating; were affirmed. The outlook was changed to Negative from Stable.

Zucamor S.A: the Caa1 Global Local Currency Corporate Family Rating and Baa3.ar National Local Currency Corporate Family Rating; and the Caa1 Global Foreign Currency rating and Baa3.ar National Foreign Currency rating for the Senior Unsecured Bank Credit Facility were affirmed. The outlook was changed to Negative from Stable.

Pan American Energy LLC, (Argentine Branch): the B2 Global Local Currency rating and Aa1.ar National Local Currency rating for the Senior Unsecured Bank Credit Facility; and were affirmed. The outlook remains Stable.

Petrobras Argentina the Baa1 Global Foreign Currency rating and Aaa.ar National Foreign Currency Rating for the Backed Senior Unsecured Notes (guarantor is Petroleo Brasileiro S.A., rated Baa1 Negative) were affirmed. The outlook remains Stable.

Telecom Argentina S.A: the Caa1 Global Local Currency Corporate Family Rating and Baa1.ar National Local Currency Corporate Family Rating were affirmed. The outlook remains Stable.

RATINGS RATIONALE

The rating outlook revisions for these companies were triggered by the change to negative in the outlook for the Argentine government's Caa1 rating, as holders of Argentine foreign legislation bonds restructured in 2005 and 2010 had not received their scheduled payment on July 30, following a 30 day grace period from the original June 30 payment date. The negative outlook on Argentina's Caa1 issuer rating reflects Moody's view that the default could increase pressure on Argentina's official foreign exchange reserves amid continued economic stagnation. The default is likely to exacerbate the economic contraction, increase pressure on the exchange rate, and push inflation even higher. Argentina is mired in stagflation with a GDP that declined 0.2% year-over-year during the first quarter and high inflation of over 30%, driven in good part by continued currency depreciation. The default is likely to exacerbate the economic contraction, increase pressure on the exchange rate, and push inflation even higher.

The negative outlook for the affected corporates reflects Moody's view that the creditworthiness of these companies cannot be completely de-linked from the credit quality of the Argentine government, and thus their ratings need to closely reflect the risk that they share with the sovereign. Moody's believes that a weaker sovereign has the potential to create a ratings drag on companies operating within its borders, and therefore it is appropriate to limit the extent to which these issuers can be rated higher than the sovereign, in line with Moody's Rating Implementation Guidance "How Sovereign Credit Quality May Affect Other Ratings" published on 13 February 2012, and available on www.moodys.com.

The principal methodology used in rating MIRGOR S.A. was Global Automotive Supplier Industry published in May 2013. The principal methodology used in rating Holcim (Argentina) S.A. was Global Building Materials Industry published in July 2009. The principal methodology used in rating Car Security S.A. was Global Business & Consumer Service Industry Rating Methodology published in October 2010. The principal methodology used in rating Carboclor S.A. was Global Chemical Industry published in December 2013. The principal methdology used in rating Electroingenieria S.A. and Jose Cartellone Construcciones Civiles S.A. was Global Construction Methodology published in November 2010. The principal methodology used in rating Longvie S.A.; Newsan S.A. and PILISAR S.A. was Global Consumer Durables published in October 2010. The principal methodology used in rating Sullair Argentina S.A. was Global Equipment and Automobile Rental Industry published in December 2010. The principal methodology used in rating Pan American Energy LLC, Argentine Branch, and Petrobras Argentina S.A. was Global Independent Exploration and Production Industry published in December 2011. The principal methodology used in rating YPF Sociedad Anonima was Global Integrated Oil & Gas Industry published in April 2014. The principal methodology used in rating Arcor S.A.I.C. was Global Packaged Goods published in June 2013. The principal methodology used in rating Alto Parana SA, Papel Misionero S.A.I.F.C., and Zucamor S.A. was Global Paper and Forest Products Industry published in October 2013. The principal methodology used in rating Asociacion de Cooperativas Argentinas Coop. and Quickfood S.A. was Global Protein and Agriculture Industry published in May 2013. The principal methodology used in rating Raghsa S.A. was Global Rating Methodology for REITs and Other Commercial Property Firms published in July 2010. The principal methodology used in rating Carsa S.A. was Global Retail Industry published in June 2011. The principal methodology used in rating Telecom Argentina S.A. was Global Telecommunications Industry published in December 2010. Please see the Credit Policy page on www.moodys.com.ar for a copy of these methodologies.

Other Factors used in these ratings are described in How Sovereign Credit Quality May Affect Other Ratings, published in February 2012.

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 ".mx" for Mexico. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in June 2014 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt 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 rating action on the support provider and in relation to each particular 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.ar.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this 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 below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com.ar, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

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

The regulatory report related to this rating action is available on www.moodys.com.ar.

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.

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

Martina Gallardo Barreyro
Analyst
Corporate Finance Group
Moody's Latin America Agente de Calificación de Riesgo
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 5129 2600

Marianna Fernandes Rodrigues Waltz
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 800-891-2518
SUBSCRIBERS: 55-11-3043-7300

Releasing Office:
Moody's Latin America Agente de Calificación de Riesgo
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 5129 2600

Moody's changes outlook to negative on Argentine Companies
No Related Data.
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