Fitch downgrades 16 Argentine corporates

Fitch Ratings said it downgraded 16 Argentine corporate issuers, both foreign and local currency, on the downgrade of Argentina’s sovereign rating to CCC from B-. Ratings changes are the same for foreign and local currency issuer default ratings and for senior unsecured notes unless otherwise noted.

The companies are

• AES Argentina Generacion SA to CCC from B;

• Agua y Saneamientos Argentinos SA to CCC from B;

• Albanesi SA to CCC from B-;

• Arcor SAIC to B from B+ for its long-term foreign currency IDR, to B+ from BB- for its long-term local currency IDR and international senior unsecured bonds to B from B+;

• Capex SA to B- from B;

• CLISA - Compania Latinoamericana de Infraestructura y Servicios to CCC from B;

• Compania, General de Combustibles SA to B- from B;

• Genneia SA to CCC from B;

• IRSA Inversiones y Representaciones SA long-term foreign currency IDR to B- from B, long-term local currency IDR to B+ from BB- and long-term unsecured notes to B from B+;

• IRSA Propiedades Comerciales SA long-term foreign-currency IDR to B- from B, long-term local currency IDR to B+ from BB- and long-term senior unsecured notes to B from B+;

• Mastellone Hermanos SA long-term foreign currency IDR to B- from B, long-term local currency IDR affirmed at B and long-term senior unsecured notes to B- from B;

• Pampa Energia SA to B- from B;

• Petroquimica Comodoro Rivadavia SA to B- from B;

• Rio Energy SA to CCC from B-;

• Telecom Argentina SA long-term foreign currency IDR to B- from B, long-term local currency IDR affirmed at BB- and long-term senior unsecured notes to B from B+; and

• YPF SA to CCC from B-.

Fitch assigned a negative outlook for all Argentine corporate issuers it reviewed, citing the uncertainty about the future of the peso and future government policies.

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