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Rating Action:

Moody's downgrades Argentine companies ; places ratings under review for downgrade

 The document has been translated in other languages

03 Sep 2019

Buenos Aires City, September 03, 2019 -- Moody´s Latin America Agente de Calificación de Riesgo S.A. ("Moody's") has downgraded the global scale and national scale ratings for several non-financial companies operating in Argentina, and ratings were placed under review for downgrade. In the case of Quickfood S.A., the national scale rating of its backed senior unsecured notes, fully guaranteed by its parent company Marfrig Global Foods S.A. (B1 stable), was upgraded to Aa2.ar from Aa3.ar, while the other ratings remained unchanged/affirmed. The actions follow the downgrade of the Argentine government's bond rating to Caa2 from B2, also placed on review for downgrade, on August 30, 2019. For more information, please see "Moody's downgrades Argentina's ratings to Caa2; places ratings under review for downgrade" available at moodys.com.

ISSUERS AND RATINGS DOWNGRADED AND PALCED UNDER REVIEW FOR DOWNGARDE

Arcor S.A.I.C.´s global scale and national scale senior unsecured notes' rating was downgraded to B3/A3.ar from Ba3/Aa1.ar. At the same time, Moody's Investors Service has downgraded to B3 from Ba3 the company's global scale corporate family rating (CFR) and senior unsecured global notes' rating. All ratings were placed under review for downgrade.

Asociacion de Cooperativas Argentinas Coop.´s CFR and senior unsecured bank credit facility ratings were downgraded to Caa1/Baa3.ar from B1/Aa2.ar. All ratings were placed under review for downgrade.

Holcim (Argentina) S.A.´s CFR was downgraded to B3/Baa1.ar from B1/Aa2.ar. The rating was placed under review for downgrade.

Mirgor S.A.C.I.F.I.A.´s CFR was downgraded to Caa1/Ba1.ar from B2/A2.ar. The rating was placed under review for downgrade.

Raghsa S.A.´s national scale CFR and senior unsecured note ratings were downgraded to Ba2.ar from A3.ar. At the same time, Moody's Investors Service has downgraded to Caa1 from B2 Raghsa S.A.'s global scale CFR and senior unsecured notes' rating. All ratings were placed under review for downgrade.

Sullair Argentina S.A.´s CFR was downgraded to Caa1/Ba1.ar from B2/A2.ar. The rating was placed under review for downgrade.

Telecom Argentina S.A.´s CFR was downgraded to Caa1/Baa3.ar from B1/Aa2.ar and the senior unsecured notes´ national scale rating was downgraded to Baa3.ar from Aa2.ar. At the same time, Moody's Investors Service has downgraded to Caa1 from B1 Telecom Argentina S.A.'s global scale senior unsecured notes' rating. All ratings were placed under review for downgrade.

YPF Sociedad Anonima´s issuer rating and senior unsecured bank credit facility ratings were downgraded to Caa2/B1.ar from B2/A1.ar. At the same time, Moody's Investors Service has downgraded to Caa2 from B2 the company's global scale senior unsecured notes' rating and to (P)Caa2 from (P)B2 the rating of the medium-term notes program. YPF's Baseline Credit Assessment (BCA) was lowered to caa2 from b2. All ratings were placed under review for downgrade.

ISSUER AND RATINGS UNCHANGED IN THE GLOBAL SCALE AND AFFIRMED/UPGDRADED IN THE NATIONAL SCALE

Quickfood S.A.´s B3 CFR in the global scale was unchanged and the Baa2.ar national scale CFR was affirmed. The rating of the company's backed senior unsecured notes, fully guaranteed by its parent company Marfrig Global Foods S.A. (B1 stable), was unchanged at B1 in the global scale and upgraded to Aa2.ar from Aa3.ar in the national scale. The outlook is stable.

RATINGS RATIONALE

Follow the downgrade of the Government of Argentina's ratings to Caa2 from B2 and placement of ratings on review for downgrade on August 30, 2019. The rating actions reflect 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 cross-sector rating methodology "Assessing the Impact of Sovereign Credit Quality on Other Ratings " published in June 2019, and available on www.moodys.com.

Moody's decision to downgrade the Government of Argentina's ratings reflects the rising expectation of losses for investors as a consequence of mounting pressures on the government's finances, most recently reflected in the government's August 28 decision to delay repayment on over $8 billion of short-term debt and to signal its intent also to restructure portions of Argentina's medium and long term debt. Also, the decision to assign Caa2 ratings reflects Moody's current assessment of losses expected should any restructuring involve a relatively limited reprofiling of debt maturities. The decision to place the Caa2 ratings under review for downgrade reflects the strong downward risk bias, given the uncertainties associated with such restructurings.

The principal methodology used in these ratings was Procedures Manual to Rate Companies and/or Securities Issued published in January 2019. Please see the Rating Methodologies page on www.moodys.com.ar for a copy of this methodology.

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 http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1174796.

REGULATORY DISCLOSURES

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.ar.

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.

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

For issuers domiciled in Argentina, the regulatory report related to this rating action is available on www.moodys.com.ar.

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 rating analyst and the Moody's legal entity that has issued the ratings.

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
Asst Vice President - Analyst
Corporate Finance Group
Moody's Latin America ACR
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
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

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

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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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 rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS 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 rating, agreed to pay to MJKK or MSFJ (as applicable) for 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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