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Rating Action:

Moody's repositions national scale ratings of structured finance securities in Argentina

 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 certain structured finance securities on the revised national scale that Moody's applies to Argentine issuers. The global ratings of the structured finance securities in Argentina are not affected by this rating action.

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."

RATING LIST

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF370521 for the List of Affected Credit Ratings. This list is an integral part of the Press Release and identifies each affected issuer.

SECURITIES AND RATINGS AFFECTED

Consumer Loan, Lease Loans, Vehicle Loan Securitizations and Others

1. For structured finance securities with global ratings at B1 (sf) (a rating level which has historically been associated with default frequencies of 2.3% and 10.9% over 1- and 3-year investment horizons, respectively), and Aa2.ar (sf) or Aa3.ar (sf) on the national scale, the current national scale rating is now Aaa.ar (sf).

2. For structured finance securities with global ratings at B2 (sf) (a rating level which has historically been associated with default frequencies of 3.5% and 14.4% over 1- and 3-year investment horizons, respectively), and A2.ar (sf) on the national scale, the current national scale rating is now Aa3.ar (sf).

3. For structured finance securities with global ratings at B3 (sf) (a rating level which has historically been associated with default frequencies of 6.0% and 20.0% over 1- and 3-year investment horizons, respectively), and Baa1.ar (sf) or Baa3.ar (sf) on the national scale, the current national scale rating is now A3.ar (sf).

4. For structured finance securities with global ratings at Caa1 (sf) (a rating level which has historically been associated with default frequencies of 7.5% and 25.7% over 1- and 3-year investment horizons, respectively), and Ba2.ar (sf) or Ba3.ar (sf) on the national scale, the current national scale rating is now Ba1.ar (sf).

5. For structured finance securities with global ratings at Caa2 (sf) (a rating level which has historically been associated with default frequencies of 17.5% and 38.6% over 1- and 3-year investment horizons, respectively), and B3.ar (sf) on the national scale, the current national scale rating is now B2.ar (sf).

6. For structured finance securities rated Caa3 (sf) (a rating level which has historically been associated with default frequencies of 29.1% and 53.5% over 1- and 3-year investment horizons, respectively), Ca (sf) or C (sf) (rating levels which have historically been associated with default frequencies of 42.7% and 64.2% over 1- and 3-year investment horizons, respectively) in the global scale, the NSRs have not changed.

Transactions linked to Sub-sovereign Entities, Financial Guarantors and Corporates

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

Moody's revised upwards the national scale rating to Baa3.ar (sf) from Ba3.ar (sf) of the debt securities of Fideicomiso Financiero Programa Plurianual de Construcción de Viviendas -- Provincia de Buenos Aires. The revision follows Moody's recalibration of the Province of Buenos Aires' ratings to Baa3.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 revised upwards the national scale rating of Class A, Class B and Class C debt securities issued by Fideicomiso Financiero Ruta N°6 to Baa3.ar from Ba3.ar. The revision follows Moody's recalibration of the Province of Buenos Aires' ratings to Baa3.ar from Ba3.ar (national scale). The ratings 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 revised upwards the national scale rating of Class A and Class B debt securities issued by Fideicomiso Financiero EISA/VIALNOA to Baa3.ar from Ba1.ar. The revision follows Moody's recalibration of Electroingeniería S.A. (EISA)'s ratings to Baa3.ar from Ba1.ar (national scale). The ratings 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 Aval Rural XX and XXI

Moody's revised upwards the national scale rating of the debt securities issued by Fideicomiso Financiero Aval Rural XX and Aval Rural XXI to Aa3.ar from A1.ar. The revision follows the recalibration of Aval Rural S.G.R.'s ratings to Aa3.ar from A1.ar (national scale), the guarantor of the underlying assets in the transaction.

Fideicomiso Financiero Infraestructura Eléctrica Serie III

Moody's revised upwards the ratings of the VRD Serie III to B3.ar (sf) from Caa2.ar (sf) (National Scale Rating). The revision follows that of of the ratings of the Province of Chaco to B3.ar from Caa2.ar (National Scale Rating).

Moody's views this transaction as highly linked to the credit risk of the Province of Chaco because the Province creates and establishes the legal framework for the specific tariff that constitutes the underlying asset of the trust and, the seller (Secheep), the collection agent (Nuevo Banco del Chaco) and the trustee (Fiduciaria del Norte), are all entities that have the Government of the Province of Chaco as the main shareholder. Therefore, any change in the rating of the Province may have an impact on the rating of the securitization.

RATINGS 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 their relative credit position within the same global scale rating category, based on the sector's rating methodology.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:

Further changes to the Argentina's country ceilings may have an impact on the ratings of Argentine securitizations.

For transactions linked to a sub-sovereign, financial guarantor or corporation, a rating change in the sub-sovereign, financial guarantor or corporate entities that provide a guaranty or external credit enhancement to the securitizations would lead to a rating change of the securitizations.

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

Please click on this http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF370521 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 received and took into account one or more third-party assessments on the due diligence performed regarding the underlying assets or financial instruments in these transactions and the assessments had a neutral impact on the credit rating.

The following disclosure applies only to credit ratings carrying the (sf) indicator: The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

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.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.

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

Rodrigo Conde
Analyst
Structured Finance Group
JOURNALISTS: (800) 666 -3506
SUBSCRIBERS: (5411) 5129 2600

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 repositions national scale ratings of structured finance securities in Argentina
No Related Data.
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