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Rating Action:

Moody's upgrades Argentinean sub-sovereigns

 The document has been translated in other languages

04 Dec 2017

NOTE: On December 18, 2017, the press release was corrected as follows: In the Ratings and Issuers Affected section, the previous national scale rating for Municipality of Rio Grande was changed to Baa2.ar. Revised release follows.

Buenos Aires City, December 04, 2017 -- Moody's Latin America Agente de Calificación de Riesgo ("Moody's") today upgraded the Global/National Scales issuer and debt ratings in both --local and foreign currencies— of six Argentine provinces and of four municipalities and changed their outlooks to stable from positive.

In this same rating action Moody´s affirmed the current B3/Baa3.ar Global/National Scales --local and foreign currency- issuer and debt ratings of the Province of Chubut and upgraded to B2 from B3 the Global Scale --foreign and local currency- ratings of Chubut's Secured Notes while keeping its stable outlook.

This action follows Moody's recent upgrade to B2 from B3 of Argentina's sovereign bond ratings (see press release titled "Moody's Upgrades Argentina's Rating to B2; Outlook Stable", https://www.moodys.com/research/Moodys-Upgrades-Argentinas-Rating-to-B2-Outlook-Stable--PR_376034).

RATINGS RATIONALE

The ratings upgrade of the Provinces of Buenos Aires, Chaco, Córdoba, Formosa, Misiones, Río Negro, the City of Buenos Aires, the municipality of Córdoba, the Municipality of Río Cuarto and the Municipality of Río Grande, follows a similar rating action on Argentina's sovereign bonds ratings and reflects the very close economic and financial linkages that exist between Argentina´s government and Argentine sub-sovereigns.

In the case of the Province of Chubut, Moody´s affirmed the current rating of B3, to reflect the ongoing fiscal challenges that both provinces still face, including weak operating balances and high debt levels.

Finally, Moody´s explained that the outlooks of all National scales ratings remained stable in line with the outlook on their global scales ratings.

ISSUERS AND RATINGS AFFECTED

The specific rating actions taken today are described below:

1) Moody´s upgraded the Global/National Scales local and foreign currency issuer and debt ratings of the following issuers, changing their outlooks to stable:

- Province of Buenos Aires: foreign and local currency issuer and debt ratings upgraded to B2/(P)B2/B2/A3.ar from B3/(P)B3/B3/Baa3.ar (on Global/Argentina´s national Scales local/foreign currency respectively); foreign and local currency issuer and debt ratings upgraded to A3.ar from Baa3.ar on Argentina's national scale. MTN ratings also upgraded to B2/(P)B2/A3.ar from B3/(P)B3/Baa3.ar.

- Province of Chaco: local currency issuer and debt ratings upgraded to B2/B2/A3.ar from B3/B3/Baa3.ar (Global/Argentina´s national Scales, respectively). The local currency debt ratings of Chaco´s Senior Secured Notes due 2026 upgraded to B2/A3.ar from B3/Baa3.ar (on Global/Argentina's national scales, respectively).

- Province of Córdoba: foreign and local currency issuer and debt ratings upgraded to B2/B2/A1.ar from B3/B3/Baa2.ar (on Global/Argentina´s national Scales local/foreign currency respectively).

- Province of Formosa: local currency issuer rating upgraded to B3/Baa3.ar from Caa1/Ba1.ar (on Global/Argentina's national Scales, respectively). The local currency debt ratings of Formosa´s Senior Secured Notes due 2022 upgraded to B3/Baa3.ar from Caa1/Ba1.ar (on Global/Argentina's national scales, respectively).

- Province of Misiones: local currency issuer and debt ratings upgraded to B2/B2/A3.ar from B3/B3/Baa3.ar (on Global/Argentina's national Scales, respectively)

- Province of Río Negro: foreign and local currency issuer and debt ratings upgraded to B2/(P)B2/A3.ar from B3/(P)B3/Baa3.ar (on Global/Argentina's national Scales, respectively). MTN ratings also upgraded to (P)B2/A3.ar from (P)B3/Baa3.ar.

- City of Buenos Aires: foreign and local currency debt ratings upgraded to B2/(P)B2/B2/A1.ar from B3/(P)B3/B3/Baa1.ar (on Global/Argentina´s national Scales local/foreign currency respectively).

- Municipality of Córdoba: local currency issuer and debt ratings upgraded to B2/(P)B2/B2/A2.ar from B3/(P)B3/B3/Baa2.ar (on Global/Argentina's national Scales local currency respectively). Treasury Note Program ratings also upgraded to (P)B2/A2.ar from (P)B3/Baa2.ar.

- Municipality of Río Cuarto: local currency issuer and debt ratings upgrade to B2/(P)B2/B2/A3.ar from B3/(P)B3/B3/Baa3.ar (on Global/Argentina's national Scales, respectively). MTN ratings also upgraded to (P)B2/A3.ar from (P)B3/Baa3.ar.

- Municipality of Río Grande: local currency issuer ratings upgraded to B2/A2.ar from B3/Baa2.ar (on Global/Argentina's national scales, respectively).

2) The following ratings were affirmed at B3 while keeping its outlook at stable:

- Province of Chubut: foreign and local currency issuer and debt ratings affirmed at B3/(P)B3/Baa3.ar (Global/Argentina´s national scale, respectively). The local currency debt ratings of Chubut´s Senior Secured Notes were upgraded to B2/A2.ar from B3/Baa2.ar (on Global/Argentina's national Scales, respectively).

WHAT COULD CHANGE THE RATING UP/DOWN

Given the strong macroeconomic and financial linkages between the Government of Argentina´s and Sub-sovereigns economic and financial ratings, and upgrade of Argentina´s sovereign bonds ratings and/or the improvement of the country´s operating environment could lead to an upgrade of the sub-sovereigns ratings. Regarding the Provinces of Chaco and Formosa, further improvements in their economic fundamentals --mainly in the growth of their own-source revenues-- could also exert upward pressure in these two provinces in particular. Conversely, a downgrade in Argentina's bond ratings and/or further systemic deterioration or idiosyncratic risks arising in the rated issuers could continue to exert downward pressure on most of the ratings assigned and could translate in to a downgrade in the near to medium term.

In the specific case of the Province of Chubut, a strong and sustained improvement in its operating and financing performance coupled to lower debt levels could lead to an upgrade of its ratings. Conversely, a downgrade in Argentina's bond ratings and/or further systemic deterioration or idiosyncratic risks arising in this Province -- with for instance a debt to total revenues ratio sustained at a 75% level - could exert downward pressure on the ratings assigned and could translate in to a downgrade in the near to medium term.

The principal methodology used in these ratings was Regional and Local Governments published in June 2017. Please see the Rating Methodologies 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 ".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_1060333.

REGULATORY DISCLOSURES

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 credit rating action on the support provider and in relation to each particular credit 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 credit rating action, and whose ratings may change as a result of this credit 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.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

For issuers domiciled in Argentina, 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.

Alejandro Pavlov
Vice President - Senior Analyst
Sub-Sovereigns Group
Moody's Latin America ACR
Ing. Butty 240
16th Floor
Buenos Aires City C1001AFB
Argentina
JOURNALISTS: 800 666 3506
Client Service: 1 212 553 1653

David Rubinoff
MD - Sub Sovereigns
Sub-Sovereigns Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

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

No Related Data.
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