S&P cuts nine Argentine corporates

S&P said it downgraded the foreign and local currency ratings on the following companies to CCC+ from B-.

“The downgrades follow the downward revision of our Transfer & Convertibility (T&C) assessment on Argentina to CCC+ from B-. The latter reflects the increasing restrictions the sovereign has put in place for corporations and individuals to buy foreign currencies and import goods in order to protect the sovereign's international reserves,” S&P said in a press release.

The companies are AES Argentina Generacion SA, Capex SA, Compania General de Combustibles SA, Telecom Argentina SA, Transportadora de Gas del Sur SA, Pampa Energia SA, Petroquimica Comodoro Rivadavia SA, YPF Energia Electrica SA and YPF SA.

The outlook on these entities remains negative.

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