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03 Sep 2019
New York, September 03, 2019 -- Moody's Investors Service ("Moody's") has downgraded
the ratings for several non-financial companies operating in Argentina,
and all ratings were placed under review for downgrade. 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 PLACED UNDER REVIEW FOR DOWNGRADE
Arcor S.A.I.C.´s Corporate Family Rating
(CFR) and senior unsecured global notes' ratings were downgraded
to B3 from Ba3. All ratings were placed under review for downgrade.
Pampa Energía S.A.'s CFR and senior unsecured notes'
ratings were downgraded to Caa1 from B2. The rating of the senior
unsecured notes originally issued by Petrobras Argentina S.A.
now assumed by Pampa Energía S.A. was also downgraded
to Caa1 from B2. All ratings were placed under review for downgrade.
Pan American Energy, S.L.'s CFR was downgraded to
B2 from Ba3. The rating was placed under review for downgrade.
Pan American Energy, S.L., Argentine Branch´s
backed senior unsecured global medium-term notes program rating
was downgraded to (P)B2 from (P)Ba3 and the rating of the backed senior
unsecured global medium-term notes was downgraded to B2 from Ba3.
All ratings were placed under review for downgrade.
Raghsa S.A.´s CFR and senior unsecured notes ratings
were downgraded to Caa1 from B2. All ratings were placed under
review for downgrade.
Tecpetrol Internacional S.L.U.'s CFR was downgraded
to B2 from Ba3. The rating was placed under review for downgrade.
TECPETROL S.A.'s backed senior unsecured notes' rating was
downgraded to B2 from Ba3. The rating was placed under review for
Telecom Argentina S.A.'s senior unsecured notes' rating
was downgraded to Caa1 from B1. The rating was placed under review
YPF Sociedad Anonima's senior unsecured notes ratings was downgraded to
Caa2 from B2. The rating of the medium-term notes program
was downgraded to (P)Caa2 from (P)B2. YPF's Baseline Credit
Assessment (BCA) was downgraded to caa2 from b2. All ratings were
placed under review for downgrade.
The downgrade in ratings and placement under review for downgrade for
these companies 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 rating Pampa Energia S.A.,
TECPETROL S.A. and Tecpetrol Internacional S.L.U.
was Independent Exploration and Production Industry published in May 2017.
The principal methodology used in rating Pan American Energy, S.L.
and Pan American Energy, S.L., Argentine Branch
was Global Integrated Oil & Gas Industry published in October 2016.
The principal methodology used in rating Arcor S.A.I.C.
was Global Packaged Goods published in January 2017. The principal
methodology used in rating Telecom Argentina S.A. was Telecommunications
Service Providers published in January 2017. The principal methodology
used in rating Raghsa S.A was REITs and Other Commercial Real Estate
Firms published in September 2018. The methodologies used in rating
YPF Sociedad Anonima were Global Integrated Oil & Gas Industry published
in October 2016, and Government-Related Issuers published
in June 2018. Please see the Rating Methodologies page on www.moodys.com
for a copy of these methodologies.
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.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
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
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
Please see the ratings tab on the issuer/entity page on www.moodys.com
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
Buenos Aires City C1001AFB
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
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
No Related Data.
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