Moody's lowers Argentine oil and gas companies

Moody's Investors Service said it downgraded the ratings of the following Argentine oil and gas companies and related companies:

• Pan American Energy LLC: global local currency rating downgraded to Ba3 from Ba2; negative outlook;

• Pan American Energy LLC, Argentine Branch: global local currency rating downgraded to Ba3 from Ba2, foreign currency rating downgraded to B1 from Ba3 and national scale rating downgraded to Aa1.ar from Aaa.ar; negative outlook;

• Petrobras Argentina SA: global local currency rating downgraded to Ba3 from Ba2, foreign currency rating downgraded to B1 from Ba3 and national scale rating confirmed at Aa2.ar; negative outlook;

• YPF SA: global local currency rating downgraded to Ba3 from Ba2 and national scale rating downgraded to Aa2.ar from Aaa.ar; ratings remain on review for downgrade;

• Petersen Energia SA: foreign currency rating downgraded to Caa2 from B2; rating remains on review for downgrade; and

• Petersen Energia Inversora, SAU: foreign currency rating downgraded to Caa2 from B2; rating remains on review for downgrade.

Moody's said the actions reflect increased overall Argentine country risk for these companies. The Argentine government has a history of interference in the oil and gas sector and has taken a number of actions recently that demonstrate both increased interference in the sector, as well as a high level of unpredictability.

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