Fitch cuts eight Argentine corporates

Fitch Ratings said it downgraded the foreign currency issuer default ratings of the following Argentine corporate issuers as a result of Fitch's recent downgrade of Argentina’s country ceiling to CCC. Ratings downgraded include Arcor SAIC, Capex SA, Compania General de Combustibles SA, IRSA Inversiones y Representaciones SA, IRSA Propiedades Comerciales SA, Mastellone Hermanos SA, Pampa Energia SA and Telecom Argentina SA.

More specifically, Fitch took the following actions:

• Arcor: Long-term foreign currency IDR downgraded to CCC+ from B; long-term local currency IDR affirmed at B+; and international senior unsecured notes downgraded to B-/RR3 from BRR4;

• Capex: Long-term foreign currency IDR downgraded to CCC from B-; long-term local currency IDR affirmed at B-; and long-term senior unsecured notes downgraded to CCC+/RR3 from B-/RR4;

• Compania General de Combustibles: Long-term foreign currency IDR downgraded to CCC from B-; long-term local currency IDR affirmed at B-; and long-term senior unsecured notes downgraded to CCC+/RR3 from B-/RR4;

• IRSA Inversiones y Representaciones: Long-term foreign currency IDR downgraded to CCC from B-; long-term local currency IDR affirmed at B+; and long-term senior unsecured notes downgraded to B-/RR2 from B/RR3;

• IRSA Propiedades Comerciales: Long-term foreign currency IDR downgraded to CCC from B-; long-term local currency IDR affirmed at B+; and long-term senior unsecured notes downgraded to B-/RR2 from B/RR;

• Mastellone Hermanos: Long-term foreign currency IDR downgraded to CCC from B-; long-term local currency IDR affirmed at B; and long-term senior unsecured notes downgraded to CCC+/RR3 from B-/RR4;

• Pampa Energia: Long-term foreign IDR downgraded to CCC from B-; long-term local currency IDR affirmed at B-; long-term senior unsecured notes downgraded to CCC+'RR3 from B-/RR4; and

• Telecom Argentina: Long-term foreign IDR downgraded to CCC from B-; long-term local currency IDR affirmed at BB-; and long-term senior unsecured notes downgraded to B-/RR2 from B/RR3.

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