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Announcement:

Moody's repositioned 33 Argentine bond fund national scale ratings on the revised national scale

 The document has been translated in other languages

06 Jun 2014

Buenos Aires City, June 06, 2014 -- Moody's Latin America Agente de Calificación de Riesgo positioned the national scale ratings of 33 bond funds on the revised national scale that Moody's applies to bond funds. Moody's also change watch list status under review (direction uncertain) the national scale ratings of 4 bond funds .

The recalibrated national scale ratings follow the adoption of a revised correspondence between Moody's' global scale ratings and national scale ratings for Argentina, as outlined in "Mapping Moody's National Scale Ratings to Global Scale Ratings" (http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_171508). The new map allows for greater credit differentiation among domestic issuers.

The recalibrated national scale ratings do not signify a change in credit quality, since the global scale ratings (GSRs) for these issuers are unchanged. Rather, the new map associates higher NSRs for the same global scale rating than did the previous map. In releasing these NSRs, the credit rating agency reiterated its view that all the issuers and securities Moody's rates in Argentina have elevated default risk, as indicated by their deeply speculative grade global scale ratings. As noted by Gersan Zurita, Moody's Group Credit Officer for Latin America, "the NSRs do not suggest that these issuers and their securities credit risks are in any way less risky than indicated by their GSRs; rather the NSRs simply make additional rating categories available for use by Moody's to provide greater rating distinctions and more finely differentiate credit risk than is possible on the global rating scale."

BOND FUND RATINGS AFFECTED

a) Sixteen bond funds with global scale rating of Caa-bf that Moody´s recalibrated to national scale rating of Baa-bf.ar from Ba-bf.ar

fST Renta FCI - National scale rating to Baa-bf.ar from Ba-bf.ar

CMA Argentina FCI - National scale rating to Baa-bf.ar from Ba-bf.ar

Consultatio Renta Balanceada - National scale rating to Baa-bf.ar from Ba-bf.ar

Consultatio Deuda Argentina - National scale rating to Baa-bf.ar from Ba-bf.ar

Consultatio Renta Fija Argentina - National scale rating to Baa-bf.ar from Ba-bf.ar

FBA Bonos Latinoamericanos FCI- National scale rating to Baa-bf.ar from Ba-bf.ar

FBA Bonos Argentina FCI - National scale rating to Baa-bf.ar from Ba-bf.ar

FBA Horizonte FCI- National scale rating to Baa-bf.ar from Ba-bf.ar

Pellegrini Renta Pública Mixta FCI- National scale rating to Baa-bf.ar from Ba-bf.ar

Gainvest Regional FCI- National scale rating to Baa-bf.ar from Ba-bf.ar

Goal Renta Global- National scale rating to Baa-bf.ar from Ba-bf.ar

Delta Federal I FCI- National scale rating to Baa-bf.ar from Ba-bf.ar

RJ Delta Renta FCI- National scale rating to Baa-bf.ar from Ba-bf.ar

RJ Delta Global FCI- National scale rating to Baa-bf.ar from Ba-bf.ar

SBS Renta Pesos FCI- National scale rating to Baa-bf.ar from Ba-bf.ar

SBS Desarrollo FCI Abierto P.P.E.R.I. - National scale rating to Baa-bf.ar from Ba-bf.ar

b) Four bond funds with global scale rating of B-bf that Moody´s recalibrated to national scale rating of A-bf.ar from Baa.bf.ar

AL Desarrollo Argentino FCI- National scale rating to A-bf.ar from Baa-bf.ar

Gainvest Renta Fija Dólares FCI - National scale rating to A-bf.ar from Baa-bf.ar

Desarrollo Argentino I FCI Abierto- National scale rating to A-bf.ar from Baa-bf.ar

GestionAr FCI Abierto PyME - National scale rating to A-bf.ar from Baa-bf.ar

c) Six bond funds with global scale rating of B-bf that Moody´s recalibrated to national scale rating of Aa-bf.ar from A-bf.ar

fST Ahorro FCI - National scale rating to Aa-bf.ar from A-bf.ar

Consultatio Renta Nacional- National scale rating to Aa-bf.ar from A-bf.ar

Gainvest Renta Fija FCI- National scale rating to Aa-bf.ar from A-bf.ar

Galileo Ahorro FCI- National scale rating to Aa-bf.ar from A-bf.ar

Tavelli Mix FCI- National scale rating to Aa-bf.ar from A-bf.ar

Delta Patrimonio I FCI- National scale rating to Aa-bf.ar from A-bf.ar

d) Seven bond funds with global scale rating of B-bf that Moody´s recalibrated to national scale of Aaa-bf.ar from Aa-bf.ar

FBA Renta Pesos FCI- National scale rating to Aaa-bf.ar from Aa-bf.ar

Optimum CDB Pesos FCI- National scale rating to Aaa-bf.ar from Aa-bf.ar

Consultatio Income Fund- National scale rating to Aaa-bf.ar from Aa-bf.ar

Compass Renta Fija FCI- National scale rating to Aaa-bf.ar from Aa-bf.ar

Galileo Event Driven FCI- National scale rating to Aaa-bf.ar from Aa-bf.ar

Schroder Capital Renta Fija FCI- National scale rating to Aaa-bf.ar from Aa-bf.ar

Fima Premium FCI- National scale rating to Aaa-bf.ar from Aa-bf.ar

Additionally Moody´s maintained on review the national scale rating of the following four bond funds, whose global scale rating is B-bf (RUR), and changed the direction of the watchlist status of the NSRs to uncertain:

Consultatio Infraestructura- National scale rating to Baa-bf.ar (RUR UNCERTAIN)

Desarrollo Argentino II FCI Abierto- National scale rating to Baa-bf.ar (RUR UNCERTAIN)

Pellegrini Desarrollo Argentina FCI- National scale rating to Baa-bf.ar (RUR UNCERTAIN)

Schroder Infraestructura FCI- National scale rating to Baa-bf.ar (RUR UNCERTAIN)

The ratings of the following bond funds were not affected by the recalibration of the NSR mapping:

AL Abierto PYME FCI-National scale rating at A-bf.ar

AL Ahorro Plus FCI- National scale rating at Aa-bf.ar

Balanz Capital PYMEs FCI Abierto PYMEs- National scale rating at A-bf.ar

Balanz Capital Renta Fija Ahorro FCI- National scale rating at A-bf.ar

Balanz Capital Renta Fija FCI- National scale rating at A-bf.ar (RUR DNG)

Optimum CDB Pesos Ultra FCI- National scale rating at Aa-bf.ar

Optimum Renta Fija Argentina FCI- National scale rating at Aa-bf.ar

Optimum FAE FCI- National scale rating at A-bf.ar (RUR DNG)

Fst Empresa Argentina FCI Abierto Pyme- National scale rating at A-bf.ar

fST Renta Mixta FCI- National scale rating at A-bf.ar

CMA Protección FCI- National scale rating at A-bf.ar

CIMA Renta Fija Argentina Plus FCI- National scale rating at A-bf.ar

CIMA Renta Fija Nacional FCI- National scale rating at A-bf.ar

Consultatio Abierto Pyme- National scale rating at A-bf.ar

Consultatio Ahorro Plus Argentina- National scale rating at Aa-bf.ar

Consultatio Renta Local- National scale rating at Aa-bf.ar

Convexity Renta Fija Argentina FCI- National scale rating at A-bf.ar

Convexity FCI Abierto Pymes- National scale rating at A-bf.ar

ARGENFUNDS Abierto PYMes FCI- National scale rating at A-bf.ar

FBA Ahorro Pesos FCI- National scale rating at Aa-bf.ar

GAINVEST RF Protección Plus FCI- National scale rating at A-bf.ar

Gainvest FCI Abierto PYMEs- National scale rating at A-bf.ar

Fima Ahorro Pesos FCI- National scale rating at Aa-bf.ar

Fima Ahorro Plus FCI- National scale rating at Aa-bf.ar

Fima Capital Plus FCI- National scale rating at A-bf.ar

Fima FCI Abierto PYME- National scale rating at A-bf.ar

Fima Renta Plus FCI- National scale rating at A-bf.ar

Fima Renta Pesos FCI- National scale rating at A-bf.ar

Galileo Argentina FCI- National scale rating at A-bf.ar

Galileo FCI Abierto Pymes- National scale rating at A-bf.ar

Galileo Premium FCI- National scale rating at A-bf.ar(RUR DNG)

Tavelli FCI Abierto Pymes- National scale rating at A-bf.ar

Tavelli Renta FCI- National scale rating at A-bf.ar

GPS PyME FCI - National scale rating at A-bf.ar

GPS Savings FCI - National scale rating at A-bf.ar

GPS LATAM FCI - National scale rating at A-bf.ar (RUR DNG)

HF Pesos Plus FCI- National scale rating at Aa-bf.ar

HF Pesos Renta Fija FCI- National scale rating at A-bf.ar

HF Pesos FCI- National scale rating at Aa-bf.ar

Compass Opportunity FCI- National scale rating at Aa-bf.ar

Compass Renta Fija II FCI- National scale rating at Aa-bf.ar

Compass Argentina FCI Abierto Pymes- National scale rating at A-bf.ar

Compass Ahorro- National scale rating at A-bf.ar

Compass Renta Fija III FCI - National scale rating at A-bf.ar (RUR DNG)

Goal Ahorro Max - National scale rating at A-bf.ar

Goal Renta Pesos FCI- National scale rating at A-bf.ar

Goal Pesos FCI- National scale rating at Aa-bf.ar

Goal Capital Plus - National scale rating at Aa-bf.ar

Lombard Capital FCI- National scale rating at Aa-bf.ar

Lombard Renta en Pesos FCI- National scale rating at Aa-bf.ar

Lombard Renta Fija FCI- National scale rating at A-bf.ar

Pellegrini Renta Fija FCI- National scale rating at Aa-bf.ar

Pellegrini Renta Fija Ahorro FCI- National scale rating at A-bf.ar

Pellegrini Renta Pesos FCI- National scale rating at Aa-bf.ar

Pellegrini Empresa Argentinas Abierto Pymes - National scale rating at A-bf.ar

1822 Raices Inversión FCI - National scale rating at A-bf.ar

Delta Patrimonio II FCI - National scale rating at A-bf.ar

RJ Delta Ahorro FCI - National scale rating at Aa-bf.ar

RJ Delta Renta II FCI - National scale rating at A-bf.ar

RJ Delta Renta IV FCI - National scale rating at A-bf.ar

RJ Empresas Argentina PYME FCI Abierto- National scale rating at A-bf.ar

Performance Ahorro FCI- National scale rating at Aa-bf.ar

SBS Ahorro Pesos FCI- National scale rating at Aa-bf.ar

SBS Gestión Renta Fija FCl- National scale rating at Aa-bf.ar

SBS Pesos Plus FCI- National scale rating at Aa-bf.ar

SBS Pymes FCI Abierto Pymes- National scale rating at A-bf.ar

SBS Retorno Total FCI- National scale rating at A-bf.ar

SBS Estrategia FCI- National scale rating at A-bf.ar

Schroder Desarrollo y Crecimiento FCI - National scale rating at A-bf.ar

Schroder Renta Fija FCI- National scale rating at Aa-bf.ar

Schroder Renta Global FCI - National scale rating at Aa-bf.ar

Schroder Renta Global Dos FCI - National scale rating at Aa-bf.ar

Schroder Retorno Absoluto FCI - National scale rating at A-bf.ar

Schroder Pesos FCI- National scale rating at Aa-bf.ar

Schroder Argentina FCI- National scale rating at A-bf.ar (RUR DNG)

Schroder Corto Plazo FCI- National scale rating at A-bf.ar (RUR DNG)

Schroder Renta Global Tres - National scale rating at A-bf.ar (RUR DNG)

Premier FCI Abierto PYME- National scale rating at A-bf.ar

Premier Capital FCI- National scale rating at A-bf.ar

Premier Renta CP en Pesos FCI- National scale rating at Aa-bf.ar

Premier Renta Plus en Pesos FCI- National scale rating at Aa-bf.ar

Premier Renta Fija Ahorro FCI- National scale rating at Aa-bf.ar

Premier Renta Fija Crecimiento FCI- National scale rating at A-bf.ar (RUR DNG)

RATING RATIONALE

National scale ratings are assigned by applying the published correspondence from global scale ratings. Where multiple national scale ratings are mapped to a single global scale rating, rating committees assigned higher or lower national scale ratings to individual issuers and debts depending on how strongly their credit profiles are positioned within with the same global scale rating category, based on the sector's rating methodology.

WHAT COULD CHANGE THE RATING UP/DOWN

An upgrade or downgrade of the Argentine sovereign would likely put upward or downward pressure, respectively, on the Argentine subsovereign ratings. Idiosyncratic developments at specific provinces and municipalities could also put upward or downward pressure on their ratings.

The principal methodology used in this rating/analysis was "Moody's Bond Fund Rating Methodology" 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 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 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 repositioned 33 Argentine bond fund national scale ratings on the revised national scale
No Related Data.
© 2020 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/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE 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 INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER 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. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS 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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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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit 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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