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Announcement:

Moody's downgrades ratings of 19 Argentine bond funds; 13 bond funds placed on review for downgrade

 The document has been translated in other languages

19 Mar 2014

Buenos Aires City, March 19, 2014 -- Moody's Latin America Agente de Calificación de Riesgo downgraded the bond fund ratings of 19 Argentine bond funds. Moody's also placed on review for downgrade the bond fund ratings of 13 Argentine bond funds. The action follows Moody's 17 March 2014 downgrade of the Argentine government's bond rating to Caa1 with stable outlook from B3 with negative outlook. The deterioration in Argentina's credit profile as captured in the rating downgrade has direct implications for the ratings of Argentine bond funds, given that it resulted in weakening credit quality of issuers in various local sectors that are invested by bond funds, including banks, corporates, sub-sovereigns, local financial guarantors and structured finance transactions, as well as also expresses the increase of systemic risks for all local credits.

Moody's downgraded the global scale ratings and national scale ratings of the following 19 bond funds:

Optimum CDB Pesos FCI

• Global scale rating to B-bf from Ba-bf

• National scale ratings to Aa-bf.ar from Aaa-bf.ar

Compass Renta Fija FCI

• Global scale rating to B-bf from Ba-bf

• National scale rating to Aa-bf.ar from Aaa-bf.ar

Consultatio Income Fund

• Global scale rating to B-bf from Ba-bf

• National scale rating to Aa-bf.ar from Aaa-bf.ar

fST Renta FCI

• Global scale rating to Caa-bf from B-bf

• National scale rating to Ba-bf.ar from A-bf.ar

CMA Argentina FCI

• Global scale rating to Caa-bf from B-bf

• National scale rating to Ba-bf.ar from A-bf.ar

Consultatio Renta Balanceada

• Global scale rating to Caa-bf from B-bf

• National scale rating to Ba-bf.ar from A-bf.ar

Consultatio Deuda Argentina

• Global scale rating to Caa-bf from B-bf

• National scale rating to Ba-bf.ar from A-bf.ar

Consultatio Renta Fija Argentina

• Global scale rating to Caa-bf from B-bf

• National scale rating to Ba-bf.ar from A-bf.ar

FBA Bonos FCI

• Global scale rating to Caa-bf from B-bf

• National scale rating to Ba-bf.ar from A-bf.ar

FBA Bonos Argentina FCI

• Global scale rating to Caa-bf from B-bf

• National scale rating to Ba-bf.ar from A-bf.ar

FBA Horizonte FCI

• Global scale rating to Caa-bf from B-bf

• National scale rating to Ba-bf.ar from A-bf.ar

Pellegrini Renta Pública Mixta FCI

• Global scale rating to Caa-bf from B-bf

• National scale rating to Ba-bf.ar from A-bf.ar

Gainvest Regional FCI

• Global scale rating to Caa-bf from B-bf

• National scale rating to Ba-bf.ar from A-bf.ar

Goal Renta Global

• Global scale rating to Caa-bf from B-bf

• National scale rating to Ba-bf.ar from A-bf.ar

Delta Federal I FCI

• Global scale rating to Caa-bf from B-bf

• National scale rating to Ba-bf.ar from Baa-bf.ar

RJ Delta Renta FCI

• Global scale rating to Caa-bf from B-bf

• National scale rating to Ba-bf.ar from A-bf.ar

RJ Delta Global FCI

• Global scale rating to Caa-bf from B-bf

• National scale rating to Ba-bf.ar from Aa-bf.ar

SBS Renta Pesos FCI

• Global scale rating to Caa-bf from B-bf

• National scale rating to Ba-bf.ar from A-bf.ar

SBS Desarrollo FCI Abierto para Proyectos Productivos de Economía Regional e Infraestructura FCI

• Global scale rating to Caa-bf from B-bf

• National scale rating to Ba-bf.ar from Baa-bf.ar

In addition, Moody´s placed on review for possible downgrade the global scale ratings and national scale ratings of the following 13 bond funds:

Balanz Capital Renta Fija FCI

• Global scale rating B-bf (RUR DNG)

• National scale rating A-bf.ar (RUR DNG)

Optimum FAE FCI

• Global scale rating B-bf (RUR DNG)

• National scale rating A-bf.ar (RUR DNG)

Consultatio Infraestructura

• Global scale rating B-bf (RUR DNG)

• National scale rating Baa-bf.ar (RUR DNG)

Galileo Premium

• Global scale rating B-bf (RUR DNG)

• National scale rating A-bf.ar (RUR DNG)

GPS LATAM FCI

• Global scale rating B-bf (RUR DNG)

• National scale rating A-bf.ar (RUR DNG)

Compass Renta Fija III FCI

• Global scale rating B-bf (RUR DNG)

• National scale rating A-bf.ar (RUR DNG)

Desarrollo Argentino II FCI Abierto

• Global scale rating B-bf (RUR DNG)

• National scale rating Baa-bf.ar (RUR DNG)

Pellegrini Desarrollo Argentino FCI

• Global scale rating B-bf (RUR DNG)

• National scale rating Baa-bf.ar (RUR DNG)

Schroder Corto Plazo FCI

• Global scale rating B-bf (RUR DNG)

• National scale rating A-bf.ar (RUR DNG)

Schroder Renta Global Tres FCI

• Global scale rating B-bf (RUR DNG)

• National scale rating A-bf.ar (RUR DNG)

Schroder Infraestructura

• Global scale rating B-bf (RUR DNG)

• National scale rating Baa-bf.ar (RUR DNG)

Schroder Argentina FCI

• Global scale rating B-bf (RUR DNG)

• National scale rating A-bf.ar (RUR DNG)

Premier RF Crecimiento FCI

• Global scale rating B-bf (RUR DNG)

• National scale rating A-bf.ar (RUR DNG)

RATINGS RATIONALE

The rating actions on these bond funds follow Moody's downgrade to Caa1 from B3 of Argentine's government bond rating. In addition, the rating actions are based on Moody's downgrades of issuer ratings in several sectors in Argentina which the affected bond funds invest in, including banks, corporates, sub-sovereigns, local financial guarantors and structured finance transactions. As a result of the downgrades driven by the overall credit weakening of these sectors, the credit profiles of the affected bond funds have weakened and are no longer consistent with the previous ratings.

Moreover, the downgrade of the Argentine long-term local currency country ceiling to B1 from Ba3 resulted in the lowering of the ratings of three bond funds -- Optimum CDB Pesos, Compass Renta Fija and Consultatio Income Fund -- which were each previously rated at Ba-bf/Aaa-bf.ar, and were downgraded to B-bf/Aa-bf.ar.

The reviews for possible downgrade of 13 bond funds reflects a weakening of their credit profiles to the lower border of their current global rating categories, a shift that suggests their existing ratings may no longer be appropriate. During the rating reviews of these funds, Moody's will evaluate the credit deterioration within their portfolios in the context of the managers' near-term investment strategies. If the rating reviews conclude with downgrades of any of these bond funds, Moody's expects such rating changes to be not more than one notch with respect to global scale bond fund ratings, and not more than two rating categories with respect to national scale bond fund ratings.

POTENTIAL MAPPING RECALIBRATION FROM GLOBAL SCALE TO NATIONAL SCALE RATINGS

With the recent downgrade of the government of Argentina on the global rating scale and other issuers whose risk profiles are affected by related credit considerations, the distribution of ratings among issuers in Argentina has become compressed within the bottom half of the national rating scale. As a result, the current mapping of global scale ratings to national scale ratings may no longer be adequately serving one of its intended purposes, which is to provide substantially greater potential credit differentiation among issuers in Argentina than is possible on the global rating scale. Moody's is therefore assessing the opportunity to revise its mapping from global scale ratings to national scale ratings for Argentina. If the mapping is revised, the new scale would likely imply that higher rated Argentine issuers would be remapped to higher ratings on the national scale.

The principal methodology used in this rating/analysis was Moody's Revised Bond Fund Rating Methodology and Symbols published in May 2013. Please see the Credit Policy page on www.moodys.com.ar for a copy of this methodology.

Moody's National Scale 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 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 ".ar" for Argentina. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

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.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com.ar for further information on the meaning of each rating category and the definition of default and recovery.

Please see Moody's Ratings Symbols and Definitions on the Rating Process page on www.moodys.com.ar for further information on the time horizon in which a credit rating action may be after a review or outlook action took place.

Please see ratings tab on the issuer/entity page on www.moodys.com.ar for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com.ar for further information.

Please see the ratings disclosure page on www.moodys.com.ar for disclosures on significant Moody's shareholders and on certain relationships between Moody's, its shareholders and/or rated issuers.

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.

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

Carlos de Nevares
Asst Vice President - Analyst
Managed Investments 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

Yaron Ernst
MD - Managed Investments
Managed Investments Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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 downgrades ratings of 19 Argentine bond funds; 13 bond funds placed on review for downgrade
No Related Data.
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