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Fitch cuts Argentine corporates
Fitch Ratings said it downgraded the long-term local currency issuer default rating and senior unsecured bond ratings of Capex SA, Compania General de Combustibles SA, IRSA Inversiones y Representaciones SA, IRSA Propiedades Comerciales SA and Pampa Energia SA.
Fitch cut Capex to CCC+ from B- and the senior unsecured rating to CCC from CCC+. Fitch lowered IRSA Inversiones to B- from B+ along with its senior unsecured rating to CCC+ from B-. The agency sliced IRSA Propiedades to B- from B+ and its senior unsecured rating to CCC+ from B-.
In addition, the agency downgraded Compania General to CCC from B- and its senior unsecured rating to CCC from CCC+. Finally, Fitch downgraded Pampa and its senior unsecured rating to CCC from CCC+.
“The LT LC IDR downgrade reflects the depressed operating environment, elevated economic and political risk and liquidity and foreign-exchange risks since the last review,” Fitch said in a press release.
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