Moody’s cuts Argentine non-financial companies

Moody’s Investors Service said it cut the global scale and national scale ratings for several non-financial companies operating in Argentina. Ratings were placed under review for downgrade.

An exception to the downgrades was Quickfood SA, the national scale rating of its backed senior unsecured notes, guaranteed by its parent Marfrig Global Foods SA, was upgraded to Aa2.ar from Aa3.ar, the other ratings remained unchanged or affirmed.

The actions follow the downgrade of the Argentine government's bond rating to Caa2 from B2, also placed on review for downgrade, on Aug. 30.

Arcor SAIC’s global and national scale senior unsecured notes’ rating was downgraded to B3/A3.ar from Ba3/Aa1.ar. Moody's downgraded to B3 from Ba3 the company's global scale corporate family rating and senior unsecured global notes’ rating. All ratings were placed under review for downgrade.

Asociacion de Cooperativas Argentina’s CFR and senior unsecured bank credit facility ratings were downgraded to Caa1/Baa3.ar from B1/Aa2.ar. All ratings were placed under review for downgrade.

Holcim (Argentina) SA’s CFR was downgraded to B3/Baa1.ar from B1/Aa2.ar. The rating was placed under review for downgrade.

Mirgor’s CFR was downgraded to Caa1/Ba1.ar from B2/A2.ar. The rating was placed under review for downgrade.

Raghsa SA’s national scale CFR and senior unsecured note ratings were downgraded to Ba2.ar from A3.ar. Moody’s also downgraded the company’s global scale CFR and senior unsecured notes’ rating to Caa1 from B2. All ratings were placed under review for downgrade.

Sullair Argentina SA’s CFR was downgraded to Caa1/Ba1.ar from B2/A2.ar. The rating was placed under review for downgrade.

Telecom Argentina SA’s CFR was downgraded to Caa1/Baa3.ar from B1/Aa2.ar and the senior unsecured notes’ national scale rating was downgraded to Baa3.ar from Aa2.ar. Moody’s also downgraded to Caa1 from B1 the company’s global scale senior unsecured notes’ rating. All ratings were placed under review for downgrade.

YPF SA’s issuer rating and senior unsecured bank credit facility ratings were downgraded to Caa2/B1.ar from B2/A1.ar. Moody’s also downgraded the company’s global scale senior unsecured notes’ rating to Caa2 from B2. All ratings were placed under review for downgrade.

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