Moody’s lowers Petrobras Argentina notes

Moody's Latin America said it downgraded Petrobras Argentina SA's $300 million in guaranteed series S notes to Baa2/Aaa.ar from Baa1/Aaa.ar.

The rating outlook is negative.

The downgrade reflects the agency’s downgrade of Petrobras SA's global foreign currency and local currency debt ratings to Baa2 from Baa1 on Oct. 21.

Due to an internal administrative error, this rating action was previously missed.

The downgrade reflect the downgrade of Petrobras, which was based on the company's high financial leverage and Moody's belief that it is only likely to decline significantly well after 2016 due to downward pressures on oil prices and the local currency as well as high capex commitments.

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