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Moody’s: Petrobras Argentina notes B3/Baa3.ar
Moody's Investors Service said it assigned B3/Baa3.ar ratings to Petrobras Argentina SA's (B3 negative) proposed up to $500 million in senior unsecured notes.
Proceeds will be used to repay existing $300 million guaranteed notes (B3/Baa3.ar, negative) due 2017 and for capital expenditures.
Petrobras Argentina’s B3 corporate family rating and negative outlook remain unchanged.
On May 3, Pampa Energia SA (unrated) announced its intention to acquire Petroleo Brasileiro SA's (Petrobras, B3 negative) 67.19% stake in Petrobras Argentina. On May 12, Pampa announced that it may merge Petrobras Argentina with and into Pampa. The merger is subject to approval of Pampa's board of directors and shareholders as well as the approval by Petrobras Argentina’s board and shareholders.
If the merger were approved and completed, Pampa would be Petrobras Argentina’s successor company and the obligor of the proposed notes, Moody’s said. The transaction is still pending local regulators' approvals but the parties do not expect material changes in the structure of the transaction during the approval process.
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