Fitch cuts Petrobras Argentina

Fitch Ratings said it has downgraded Petrobras Argentina SA's long-term foreign and local currency issuer default ratings to B+ from BB.

The rating action applies to the company's about $200 million of senior unsecured notes due 2013, the agency said.

Fitch has simultaneously affirmed the company's guaranteed notes rating at BBB. The outlook is stable.

According to the agency, Petrobras Argentina's ratings downgrade reflects Fitch perception of a weaker strategic tie between the company and its main shareholder, Petroleo Brasileiro (BBB), coupled with the company's heightening standalone credit risk.

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