Moody’s cuts Argentine companies

Moody’s Investors Service said it downgraded the global and national scale ratings of several non-financial Argentine companies. The downgrades follow Moody’s downgrade of Argentina’s sovereign rating.

The outlook was changed to negative from review. The downgrade and outlook revision conclude the review Moody’s started in September.

The agency downgraded Arcor SAIC to Caa2/B1.ar from B3/A3.ar.

Moody’s downgraded Holcim (Argentina) SA to Caa2/B1.ar from B3/Baa1.ar.

Mirgor SA’s corporate family rating was downgraded to Caa3/Caa2.ar from Caa1/Ba1.ar.

Moody’s cut Quickfood SA’s corporate family rating to Caa1/Baa3.ar from B3/ Baa2.ar.

The agency lowered Raghsa SA’s national scale corporate family rating and senior unsecured note ratings to B2.ar from Ba2.ar. At the same time, Moody’s downgraded to Caa2 from Caa1 Raghsa’s global scale corporate family and senior unsecured notes’ rating.

Moody’s trimmed Sullair Argentina SA’s corporate family rating to Caa3/Caa2.ar from Caa1/Ba1.ar.

Telecom Argentina SA’s corporate family rating was downgraded to Caa3/Caa1.ar from Caa1/Baa3.ar and the senior unsecured notes´ national scale rating was downgraded to Caa1.ar from Baa3.ar. Moody’s also downgraded to Caa3 from Caa1 Telecom Argentina’s global scale senior unsecured notes’ rating.

Finally, YPF SA’s issuer rating and senior unsecured bank credit facility ratings were downgraded to Caa3/Caa1.ar from Caa2/B1.ar. Moody’s also downgraded to Caa3 from Caa2 the company’s global scale senior unsecured notes’ rating.

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