Moody's lowers Mirgor

Moody's Latin America said it downgraded Mirgor SA's national-scale rating to Baa1.ar from A3.ar and revised the outlook on Mirgor's B3 ratings to negative from stable.

Mirgor's weaker margins and lower than expected revenues are driving this action, the agency noted.

Also, the negative outlook incorporates the challenges Mirgor faces as it enters a new line of business before its core business has stabilized, Moody's added.

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