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Announcement:

Moody's takes actions on 175 Argentine bond funds ratings following the sovereign downgrade

 The document has been translated in other languages

06 Sep 2019

Buenos Aires City, September 06, 2019 -- Moody's Latin America Agente de Calificación de Riesgo ("Moody's") has taken rating actions on all 175 of its rated bond funds in Argentina, following Moody's Investors Service's recently announced downgrade of the Argentine government's bond rating to Caa2/RUR DNG from B2/NEG, and the concurrent lowering of Argentina's long-term local currency country ceilings for bonds and deposit ceilings to B2 from Ba2, on 30th August 2019 (see press release titled "Moody's downgrades Argentina's rating to Caa2; places ratings under review for downgrade"). All ratings are under review for downgrade. The review period may extend beyond the usual three months for reviews will allow Moody's to assess the consequences for investors of further steps by the current administration or by its successor to restore government's finances. See a complete list of the funds and ratings in the link attached below.

Moody's bond fund ratings reflect the maturity-adjusted weighted average credit quality of the underlying investments in the bond funds' portfolios. The weighted average credit quality of 167 of the 175 funds were negatively impacted by the sovereign downgrade because they invest in Argentine sovereign debt securities and/or Argentine banks, corporate bonds, small and medium cap debt and asset back securities. The weighted average credit quality of remaining bond funds were not affected by the sovereign downgrade because they invest in foreign securities.

These rating actions are not related to the rating actions taken on Argentine bond funds on August 30th, 2019 following the funds' decision to suspend redemptions (see press release titled "Moody's places 114 bond funds and 10 equity & balanced funds under review for downgrade following the restriction of investor redemptions"). The delayed redemption payments were set to avoid wealth transfer between different type of shareholders. For some funds, this issue is in process of being solved during next week after new regulations established the guidelines for affected funds last week.

A complete list of the funds and new ratings are included in the link attached below:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_204606

RATINGS RATIONALE

GLOBAL SCALE RATINGS

The rating downgrades reflect the deterioration in the funds' credit quality due to the Argentine sovereign rating downgrade. The positioning of the global scale ratings reflects the new weighted average credit quality of the fund's portfolios. The ratings remain under review for downgrade or were placed under review for downgrade to reflect that the ratings of the securities in the funds' portfolios are under review for downgrade.

The global scale ratings of 8 funds did not change because the funds' credit quality were minimally affected by the sovereign rating downgrade. These funds invest the majority of their assets in foreign securities (e.g. legal minimum 75% Mercosur + Chile). Despite the limited impact on the funds' credit quality from the sovereign downgrade, the ratings were placed under review for downgrade due to the risk in eventual changes in regulations which could make investors bring dollars back to the local economy.

NATIONAL SCALE RATINGS

The downgrades of the national scale ratings reflect mapping that are consistent with the funds' new global scale ratings as well as the new national scale ratings of the funds' underlying investments. The new sovereign rating at Caa2 maps with national scale ratings of B1.ar to B3.ar. Most of the assets in the funds' portfolios are at these national scale rating levels. Further, the national scale ratings of the funds that invest principally in Argentine bank and corporate debt securities reflect the new average national scale ratings for these securities which are in the Ba.ar to B.ar range. All these ratings were either placed under review for downgrade or remain under review for downgrade.

The national scale ratings of 12 bond funds did not change, and national scale ratings of 8 bond funds were upgraded to Aaa-bf.ar to reflect the mapping that is most consistent with their global scale ratings. These funds invest mostly in Mercosur and Chilean assets which have the highest average local credit quality. The upgrades reflect that these funds' investment strategies are now in line with peer funds with national scale ratings of Aaa-bf.ar. However, these ratings were placed under review for downgrade despite not having any direct exposure to sovereign related investments because eventual changes in regulations could make investors bring dollars back to the local economy.

For a detailed list of the affected bond fund ratings, please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_204606

Moody's published an update to its National Scale Rating (NSR) map for Argentina to reflect the downgrade of the government's long-term issuer rating. Moody's NSRs are ordinal rankings of creditworthiness relative to other credits within a given country, which offer enhanced credit differentiation among local credits. NSRs are generated from Global Scale Ratings (GSRs) through correspondences, or maps, specific to each country. However, unlike GSRs, Moody's NSRs are not intended to rank credits across multiple countries. Instead, they provide a measure of relative creditworthiness within a single country. The full maps can be accessed through the "Index of Current and Superseded Compendia of National Scale Rating Maps by Country". As a result of the rating action on Argentina and the expected impact on other ratings, the NSR mapping was revised, from the previous map based on a Ba3 anchor point, to the one based on a B1 anchor point. Based on our rating methodology Mapping National Scale Ratings from Global Scale Ratings published in May 2016, the anchor point can never be lower than B1 even when the sovereign rating is lower as Argentina's is now. The map based on B1 provides ample ability to differentiate and rank order credits, even if some of the higher NSR ratings are no longer accessible.

The methodology used in these ratings was Procedures Manual for Rating Fixed Income Mutual Funds published in June 2017. Please see the Rating Methodologies page on www.moodys.com.ar for a copy of these methodologies.

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 ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in May 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings". While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons, please see http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1174796.

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.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Carlos de Nevares
Vice President - Senior Analyst
Funds & Asset Managements Groups
Moody's Latin America ACR
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: 1 800 666 3506
Client Service: 1 212 553 1653

Marc R. Pinto, CFA
MD - Financial Institutions
Funds & Asset Managements Groups
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Latin America ACR
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: 1 800 666 3506
Client Service: 1 212 553 1653

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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Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

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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