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Announcement:

Moody's takes actions on Argentine bond funds ratings following the sovereign downgrade and concludes their review for downgrade

 The document has been translated in other languages

14 Apr 2020

Buenos Aires City, April 14, 2020 -- Moody's Latin America Agente de Calificación de Riesgo ("Moody's") has taken rating actions on 162 rated bond funds in Argentina. The global scale ratings of 126 bond funds and the national scale ratings of 99 bond funds were confirmed at their current rating levels. The action impacted negatively in downgrades of 36 global scale bond fund ratings and 63 national scale bond fund ratings, following Moody's Investors Service's recently announced downgrade of the Argentine government's bond rating to Ca NEG from Caa2/RUR DNG, and the concurrent lowering of Argentina's long-term local currency and deposit ceilings to Caa1 from B2, on April 3rd 2020 (see press release titled "Moody's downgrades Argentina to Ca, changes outlook to negative"). For all 162 rated bond funds the review for downgrade initiated on September 6, 2019 has been concluded.

Moody's 162 bond fund ratings reflect the maturity-adjusted weighted average credit quality of the underlying investments in the bond funds' portfolios, capped by the Argentinian local-currency country ceiling that was downgraded to Caa1 from B2.

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

https://www.moodys.com/viewresearchdoc.aspx?docid=PBC_ARFTL422672

RATINGS RATIONALE

GLOBAL SCALE RATINGS

The global scale ratings of 126 bond funds were confirmed at their current rating levels following the recent sovereign rating action because it did not have a significant impact on the credit quality profiles of these bond funds. Additionally, we concluded our review for downgrade on 36 bond fund global scale ratings with downgrades reflecting the deterioration in the funds' credit quality due to the Argentine sovereign rating downgrade and the new country rating ceiling.

Of the 36 bond funds that experienced global scale rating downgrades, 14 funds were downgraded because they invest more than 50% of their total fund assets in Argentine sovereign debt securities. 21 bond funds were downgraded because Moody's has lowered our country ceiling rating for Argentina. While these funds principally hold foreign securities which have an average credit quality that is higher than our new country ceiling rating for Argentina, Moody's caps the global scale rating at country ceiling rating. Finally, the global scale rating of one bond fund was downgraded because it holds a large exposure in a corporate security with financial distress.

NATIONAL SCALE RATINGS

The national scale ratings of 99 bond funds were confirmed at their current national scale rating levels, reflecting the mapping consistent with the funds' current global scale ratings.

The rationale for the 63 downgrades in national scale ratings are as follows:

• 21 bond funds investing abroad were downgraded to Baa-bf.ar from Aaa-bf.ar due to the changes in the Argentine country ceiling.

• 2 bond funds holding corporate securities in severe distress were downgraded: one to Caa-bf.ar from B-bf.ar and the other to C-bf.ar from Ba-bf.ar

• 40 bond funds were downgraded according to their degree to sovereign and sub-sovereign exposure in their portfolios: 15 downgraded to B-bf.ar from Ba-bf.ar, 3 downgraded to Caa-bf.ar from Ba-bf.ar, 8 downgraded to Caa-bf.ar from B-bf.ar, 13 downgraded to Ca-bf.ar from B-bf.ar, and 1 downgraded to Ca-bf.ar from Ba-bf.ar.

To conclude, the 162 national scale bond fund ratings are no longer under review for downgrade.

For a detailed list of the affected bond fund ratings, please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBC_ARFTL422672

The principal Rating Procedure Manual used in assigning this analysis was the Procedures Manual for Rating Fixed Income Mutual Funds published in June 2017. Please see the Manuales de Procedimientos page on www.moodys.com.ar for a copy of this document. This analysis is consistent with those assigned or maintained elsewhere under the methodology methodology Moody's Bond Fund Rating Methodology published in May 2013 available at https://www.moodys.com/research/Moodys-Bond-Fund-Rating-Methodology--PBC_152088. Alternatively, please see the Rating Methodologies page on www.moodys.com 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 ".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 https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1216309.

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 Management Group
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 Management Group
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.
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