S&P cuts 11 Argentine entities

S&P said it downgraded ratings for 11 Argentine corporate and infrastructure entities to B- from B, citing the recent downgrade of the country’s sovereign rating to B- from B.

Among the downgrades are: AES Argentina Generacion SA; Compania de Transporte de Energia Electrica en Alta Tension Transener SA; Empresa Distribuidora y Comercializadora Norte SA (Edenor); IRSA Propiedades Comerciales SA; IRSA Inversiones y Representaciones SA; Pampa Energia SA; Petroquimica Comodoro Rivadavia SA; YPF Energia Electrica SA; and YPF SA.

S&P said it dropped the local and foreign currency ratings for Telecom Argentina SA to B from B+ and put them on CreditWatch with negative implications. The agency also lowered ratings for Aeropuertos Argentina 2000 SA to B from B+.

In addition, S&P put the B ratings for Capex SA and Transportadora de Gas del Sur SA (TGS) on CreditWatch with negative implications.

S&P removed the B- ratings of Compania General de Combustibles SA from CreditWatch positive.

The outlook is negative, reflecting the outlook on the country.

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