S&P cuts Argentine companies

Standard & Poor's said it lowered the ratings on Argentine corporates and utilities with a negative outlook.

The following companies were affected: Aeropuertos Argentina 2000 SA, Transportadora de Gas del Sur SA, Compania de Transporte de Energia Electrica en Alta Tension Transener SA, Electricidad Argentina SA, Empresa Distribuidora Y Comercializadora Norte SA, Alto Palermo SA, CLISA-Compaoia Latinoamericana de Infraestructura y Servicios SA; and IRSA Inversiones y Representaciones SA.

In addition, the agency said it lowered the ratings and placed on CreditWatch with negative implications the following companies: Alto Parana SA, Loma Negra CIA SA and Petrobras Argentina SA.

At the same time, the agency said it revised to negative from stable the outlooks and affirmed the ratings on the following companies: Capex SA, Hidroelectrica Piedra del Aguila SA, Mastellone SA and Raghsa SA.

Finally, the agency said it placed its ratings on Industrias Metal˙rgicas Pescarmona SAIC y F on CreditWatch with negative implications. The rating actions follow the downgrade of the Republic of Argentina and S&P's transfer and convertibility assessment on it to B- from B.

The outlook on the sovereign remains negative.

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