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Related Issuers
Fideicomiso Financiero AMES III
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Rating Action:

Moody's downgrades ratings of Argentine securitizations

 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 global scale and national scale ratings of several Argentine securitizations. 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; and Argentina's local currency country ceiling to B1 from Ba3. The deterioration in Argentina's credit profile as captured in the rating downgrade has direct implications for the ratings of Argentine securitizations, given that it also expresses the increase of systemic risks for all local credits.

The full rating list of consumer loans, lease loans and vehicle loan securitizations is as follows:

Issuer: Fideicomiso Financiero Pvcred III

CP, Downgraded to B1 (sf); previously on Jun 4, 2012 Downgraded to Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 18, 2011 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie I

CP, Downgraded to B1 (sf); previously on Jun 4, 2012 Downgraded to Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 18, 2011 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie II

CP, Downgraded to B1 (sf); previously on Jun 4, 2012 Downgraded to Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 18, 2011 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie IV

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie V

CP, Downgraded to B1 (sf); previously on Oct 18, 2011 Upgraded to Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 18, 2011 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie VI

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie VII

CP, Downgraded to B1 (sf); previously on Apr 12, 2013 Upgraded to Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Apr 12, 2013 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie XV

VRDA TV, Downgraded to B1 (sf); previously on Nov 8, 2012 Assigned Ba3 (sf)

VRDA TV, Downgraded to Aa2.ar (sf); previously on Nov 8, 2012 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Créditos 58

VDF TFC, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded to Aaa.ar (sf)

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Créditos 59

VDF TFC, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded to Aaa.ar (sf)

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 60

VDF TVB, Downgraded to B1 (sf); previously on Jun 4, 2012 Downgraded to Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on May 9, 2012 Assigned Aaa.ar (sf)

VDF TFC, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded to Aaa.ar (sf)

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Créditos 61

VDF TVB, Downgraded to B1 (sf); previously on Jun 4, 2012 Assigned Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Jun 4, 2012 Assigned Aaa.ar (sf)

VDF TFC, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded to Aaa.ar (sf)

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 62

VDF TVB, Downgraded to B1 (sf); previously on Jun 19, 2012 Assigned Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Jun 19, 2012 Assigned Aaa.ar (sf)

VDF TFC, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded to Aaa.ar (sf)

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 63

VDF TVB, Downgraded to B1 (sf); previously on Mar 11, 2013 Affirmed Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Mar 11, 2013 Affirmed Aaa.ar (sf)

VDF TFC, Downgraded to B1 (sf); previously on Mar 11, 2013 Affirmed Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Mar 11, 2013 Upgraded to Aaa.ar (sf)

CP, Downgraded to B1 (sf); previously on Oct 30, 2013 Affirmed Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 30, 2013 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 64

VDF TVB, Downgraded to B1 (sf); previously on Mar 11, 2013 Affirmed Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Mar 11, 2013 Affirmed Aaa.ar (sf)

VDF TFC, Downgraded to B1 (sf); previously on Mar 11, 2013 Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Mar 11, 2013 Upgraded to Aaa.ar (sf)

CP, Downgraded to B1 (sf); previously on Oct 30, 2013 Upgraded to Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 30, 2013 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 65

VDF TVB, Downgraded to B1 (sf); previously on Oct 19, 2012 Assigned Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Oct 19, 2012 Assigned Aaa.ar (sf)

VDF TFC, Downgraded to B1 (sf); previously on Oct 30, 2013 Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Oct 30, 2013 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 66

VDF TVB, Downgraded to B1 (sf); previously on Nov 8, 2012 Assigned Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Nov 9, 2012 Assigned Aaa.ar (sf)

VDF TFC, Downgraded to B1 (sf); previously on Oct 30, 2013 Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Oct 30, 2013 Upgraded to Aa1.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 67

VDF TVB, Downgraded to B1 (sf); previously on Nov 27, 2012 Assigned Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Nov 27, 2012 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Créditos Banex 50

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex 51

VDF TFC, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded to Aaa.ar (sf)

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Créditos Banex 52

VDF TFC, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded to Aaa.ar (sf)

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex 53

CP., Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to Ba3 (sf)

CP., Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex 54

CP, Downgraded to B1 (sf); previously on Mar 11, 2013 Upgraded to Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Mar 11, 2013 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Personales 5

CP, Downgraded to B1 (sf); previously on Mar 11, 2013 Upgraded to Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Mar 11, 2013 Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Personales 6

VDF TVB, Downgraded to B1 (sf); previously on Mar 11, 2013 Affirmed Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Mar 11, 2013 Affirmed Aaa.ar (sf)

Issuer: Fideicomiso Financiero Banco Piano Serie XXXIV

VDF A, Downgraded to B1 (sf); previously on Jan 16, 2014 Assigned Ba3 (sf)

VDF A, Downgraded to Aa2.ar (sf); previously on Jan 16, 2014 Assigned Aaa.ar (sf)

VDF B, Downgraded to B1 (sf); previously on Jan 16, 2014 Assigned Ba3 (sf)

VDF B, Downgraded to Aa2.ar (sf); previously on Jan 16, 2014 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero ICBC Personales XI

VDF TVA, Downgraded to B1 (sf); previously on Feb 25, 2014 Assigned Ba3 (sf)

VDF TVA, Downgraded to Aa2.ar (sf); previously on Feb 25, 2014 Assigned Aaa.ar (sf)

VDF TVB, Downgraded to B1 (sf); previously on Feb 25, 2014 Assigned Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Feb 25, 2014 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 77

VDF TV, Downgraded to B1 (sf); previously on Mar 7, 2014 Assigned Ba3 (sf)

VDF TV, Downgraded to Aa2.ar (sf); previously on Mar 7, 2014 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Finansur Autos VI

VDFA, Downgraded to B1 (sf); previously on Oct 26, 2012 Assigned Ba3 (sf)

VDFA, Downgraded to Aa2.ar (sf); previously on Oct 26, 2012 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero AMES III

VRD A, Downgraded to B1 (sf); previously on Jan 7, 2014 Assigned Ba3 (sf)

VRD A, Downgraded to Aa2.ar (sf); previously on Jan 7, 2014 Assigned Aaa.ar (sf)

VRD B, Downgraded to B1 (sf); previously on Jan 7, 2014 Assigned Ba3 (sf)

VRD B, Downgraded to Aa2.ar (sf); previously on Jan 7, 2014 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Bancor Personales II

VRB A, Downgraded to B1 (sf); previously on Jan 21, 2014 Affirmed Ba3 (sf)

VRB A, Downgraded to Aa2.ar (sf); previously on Jan 21, 2014 Affirmed Aaa.ar (sf)

Issuer: Fideicomiso Financiero CCF Creditos Serie 4

VDF TVA, Downgraded to B1 (sf); previously on Nov 1, 2013 Assigned Ba3 (sf)

VDF TVA, Downgraded to Aa2.ar (sf); previously on Nov 1, 2013 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie XIX

VRDA TV, Downgraded to B1 (sf); previously on Jan 8, 2014 Assigned Ba3 (sf)

VRDA TV, Downgraded to Aa2.ar (sf); previously on Jan 8, 2014 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie XVI

VRDA TV, Downgraded to B1 (sf); previously on Feb 5, 2013 Assigned Ba3 (sf)

VRDA TV, Downgraded to Aa2.ar (sf); previously on Feb 5, 2013 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie XVII

VRDA TV, Downgraded to B1 (sf); previously on May 14, 2013 Assigned Ba3 (sf)

VRDA TV, Downgraded to Aa2.ar (sf); previously on May 14, 2013 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie XVIII

VRDA TV, Downgraded to B1 (sf); previously on Sep 5, 2013 Assigned Ba3 (sf)

VRDA TV, Downgraded to Aa2.ar (sf); previously on Sep 5, 2013 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 68

VDF TVB, Downgraded to B1 (sf); previously on Feb 1, 2013 Assigned Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Feb 1, 2013 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 69

VDF TVB, Downgraded to B1 (sf); previously on Apr 16, 2013 Assigned Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Apr 16, 2013 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 70

VDF TFA, Downgraded to B1 (sf); previously on Jul 8, 2013 Assigned Ba3 (sf)

VDF TFA, Downgraded to Aa2.ar (sf); previously on Jul 8, 2013 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 71

VDF TFA, Downgraded to B1 (sf); previously on May 29, 2013 Assigned Ba3 (sf)

VDF TFA, Downgraded to Aa2.ar (sf); previously on May 29, 2013 Assigned Aaa.ar (sf)

VDF TVB, Downgraded to B1 (sf); previously on May 29, 2013 Assigned Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on May 29, 2013 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 72

VDF TV, Downgraded to B1 (sf); previously on Oct 7, 2013 Assigned Ba3 (sf)

VDF TV, Downgraded to Aa2.ar (sf); previously on Oct 7, 2013 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 73

VDF TV, Downgraded to B1 (sf); previously on Oct 18, 2013 Assigned Ba3 (sf)

VDF TV, Downgraded to Aa2.ar (sf); previously on Oct 18, 2013 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 74

VDF TV, Downgraded to B1 (sf); previously on Nov 26, 2013 Assigned Ba3 (sf)

VDF TV, Downgraded to Aa2.ar (sf); previously on Nov 26, 2013 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 75

VDF TV, Downgraded to B1 (sf); previously on Dec 26, 2013 Affirmed Ba3 (sf)

VDF TV, Downgraded to Aa2.ar (sf); previously on Dec 26, 2013 Affirmed Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 76

VRD TV, Downgraded to B1 (sf); previously on Jan 31, 2014 Assigned Ba3 (sf)

VRD TV, Downgraded to Aa2.ar (sf); previously on Jan 31, 2014 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Leasing 8

VDF TVB, Downgraded to B1 (sf); previously on Dec 17, 2012 Assigned Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Dec 17, 2012 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Leasing 9

VDF TFA, Downgraded to B1 (sf); previously on Jun 27, 2013 Assigned Ba3 (sf)

VDF TFA, Downgraded to Aa2.ar (sf); previously on Jun 27, 2013 Assigned Aaa.ar (sf)

VDF TVB, Downgraded to B1 (sf); previously on Jun 27, 2013 Assigned Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Jun 27, 2013 Assigned Aaa.ar (sf)

The full rating list of deals related to sub-sovereign entities and corporates:

Issuer: Fideicomiso Financiero Chubut Regalías Hidrocarburíferas I

VDF A, Downgraded to B2 (sf); previously on Oct 26, 2012 Downgraded to B1 (sf)

VDF A, Downgraded to Aa3.ar (sf); previously on Oct 26, 2012 Downgraded to Aa2.ar (sf)

VDF B, Downgraded to B1 (sf); previously on Jun 4, 2012 Downgraded to Ba3 (sf)

VDF B, Downgraded to Aa2.ar (sf); previously on Jul 27, 2010 Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Programa Plurianual de Construcción de Viviendas - Provincia de Buenos Aires

VRD, Downgraded to Caa1 (sf); previously on May 31, 2011 Assigned B3 (sf)

VRD, Downgraded to Ba3.ar (sf); previously on Oct 26, 2012 Downgraded to Baa3.ar (sf)

Issuer: Fideicomiso Financiero EISA/VIALNOA

VRDA, Downgraded to Caa1; previously on Dec 9, 2013 Assigned B3

VRDA, Downgraded to Ba1.ar; previously on Dec 9, 2013 Assigned A3.ar

VRDB, Downgraded to Caa1; previously on Dec 9, 2013 Assigned B3

VRDB, Downgraded to Ba1.ar; previously on Dec 9, 2013 Assigned A3.ar

Issuer: Fideicomiso Financiero Ruta N° 6

VRDA, Downgraded to Caa1; previously on Nov 1, 2013 Affirmed B3

VRDA, Downgraded to Ba3.ar; previously on Nov 1, 2013 Affirmed Baa3.ar

VRDB, Downgraded to Caa1; previously on Nov 1, 2013 Affirmed B3

VRDB, Downgraded to Ba3.ar; previously on Nov 1, 2013 Affirmed Baa3.ar

VRDC, Downgraded to Caa1; previously on Nov 1, 2013 Affirmed B3

VRDC, Downgraded to Ba3.ar; previously on Nov 1, 2013 Affirmed Baa3.ar

RATINGS RATIONALE

Consumer Loan, Lease Loans and Vehicle Loan Securitizations

Moody's downgraded the Ba3 (sf) ratings of several consumer loan, lease loan and vehicle loan securitizations to B1 (sf) as their credit profiles are constrained by Argentina's revised local currency country ceiling at B1. Moody's also downgraded the national scale ratings to Aa2.ar (sf) from Aaa.ar (sf). The Aa2.ar (sf) rating is at the high end of the range for national scale ratings associated with a B1 global rating reflecting these securities' stronger relative position compared to other B1 -rated securities.

The local currency country ceiling for bonds summarizes the general country-level risks (excluding foreign-currency transfer risk) that should be taken into account in assigning local currency ratings to locally domiciled obligors or locally originated structured transactions. They indicate the rating level that will generally be assigned to the financially strongest obligations in the country. The country ceiling for local currency bonds and notes is expressed on the long-term global scale.

Transactions related to Sub-sovereign Entities and Corporates

Fideicomiso Financiero Programa Plurianual de Construcción de Viviendas -- Provincia de Buenos Aires

Moody's downgraded the global scale rating to Caa1 (sf) from B3 (sf) and the national scale rating to Ba3.ar (sf) from Baa3.ar (sf) . The downgrade follows Moody's downgrade of the Province of Buenos Aires' ratings to Caa1 (global scale) and Ba3.ar (national scale). Moody's considers the transaction to be highly linked to the credit risk of the Province of Buenos Aires. The transaction is backed by the resources of the Housing Agency of the Province of Buenos Aires (IPVBA) and by federal coparticipation taxes, as an additional guarantee.

Fideicomiso Financiero Ruta N°6

Moody's downgraded the global scale rating of Class A, Class B and Class C debt securities issued by Fideicomiso Financiero Ruta N°6 to Caa1 from B3 and the national scale rating to Ba3.ar from Baa3.ar. The downgrade follows Moody's downgrade of the Province of Buenos Aires' ratings to Caa1 (global scale) and Ba3.ar (national scale). The ratings assigned are primarily based on the rating of the Province of Buenos Aires as the obligor under the underlying bonds.

Fideicomiso Financiero EISA/VIALNOA

Moody's downgraded the global scale rating of Class A and Class B debt securities issued by Fideicomiso Financiero EISA/VIALNOA to Caa1 from B3 and the national scale rating to Ba1.ar from A3.ar. The downgrade follows Moody's downgrade of Electroingeniería S.A. (EISA)'s ratings to Caa1 (global scale) and Ba1.ar (national scale). The ratings assigned are primarily based on the irrevocable and unconditional guaranty provided by EISA that covers timely payment of principal and interest on the rated securities, and trust expenses and taxes.

Fideicomiso Financiero Chubut Regalías Hidrocarburíferas

Moody's downgraded the global scale rating of Class A debt securities issued by Fideicomiso Financiero Chubut Regalias Hidrocarburiferas to B2 (sf) from B1 (sf) and the national scale rating to Aa3.ar (sf) from Aa2.ar (sf). The downgrade follows the downgrade of Argentina's foreign currency bond ceiling to Caa1 from B3. Class A debt securities are denominated in US dollars. Moody's notes that the Class A ratings continue to pierce the Argentine foreign currency bond ceiling by two notches based on structural protections, including: (i) an offshore reserve account with Bank of New York Mellon (Aa2) for the benefit of investors that covers five quarterly interest payments on the Class A notes, (ii) provisions that allow Banco de Valores as the Argentine trustee, in case of a convertibility or transferability event, to purchase an amount of Argentine government or corporate bonds denominated in US dollars to be sold in the New York, Zurich or Montevideo's market, so that the amount in US dollars resulting from that bonds' sale, net of expenses and taxes, equals the debt service to be paid to the note holders, and (iii) payment-in-kind provisions.

Moody's downgraded the global scale rating of Class B debt securities issued by Fideicomiso Financiero Chubut Regalias Hidrocarburiferas to B1 (sf) from Ba3 (sf) and the national scale rating to Aa2.ar (sf) from Aaa.ar (sf). Class B debt securities are payable in local currency. The downgrade follows the downgrade of Argentina's local currency country ceiling to B1 from Ba3 as the credit profile of these securities is constrained by Argentina's revised local currency country ceiling at B1. Moody's also downgraded the national scale ratings to Aa2.ar (sf) from Aaa.ar (sf). The Aa2.ar (sf) rating is at the high end of the range for national scale ratings associated with a B1 global rating reflecting these securities' stronger relative position compared to other B1 rated securities.

Factors that would lead to an upgrade or downgrade of the ratings

Further changes to the Argentina's country ceilings may have an impact on the ratings of securitizations backed by consumer loan, lease loans and vehicle loans, and the ratings of Fideicomiso Financiero Chubut Regalías Hidrocarburíferas.

A rating change in the sub-sovereign or corporate entities that provide a guaranty or external credit enhancement to the securitizations would lead to a rating change of the securitizations.

Please refer to the following Excel file for further references regarding the applicable rating methodology for each transaction http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF360613

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.

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 October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

Please click on this http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF360613 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

*Methodologies and Models used

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

The following disclosure applies only to credit ratings carrying the (sf) indicator: Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

The following disclosure applies only to credit ratings carrying the (sf) indicator: In rating this transaction, Moody's used a cash flow model to model cash flow stress scenarios to determine the extent to which investors would receive timely payments of interest and principal in the stress scenarios, given the transaction structure and collateral composition.

Moody's did not use any stress scenario simulations in its analysis.

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 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 for additional regulatory disclosures for each credit rating.

Martin Fernandez Romero
Vice President - Senior Analyst
Structured 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

Maria Ines Muller
Senior Vice President/Manager
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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 Argentine securitizations
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