Moody's amends EMEA ratings

Moody's Investors Service published an amendment on the results of an examination of corporate sector ratings in Europe, the Middle East and Africa (EMEA) in light of the revision of its rating methodology for foreign-currency ceilings.

The new policy incorporates the possibility that a foreign currency government bond default would not be accompanied by a moratorium on foreign currency external payments.

Below is an amendment to the previously published list of affected issuers in the EMEA region including the rating changes resulting from the application of the methodology. The parent company is listed, with the rated entity in parentheses, the rated class of debt, and the final rating outcome and rating outlook.

YPF Sociedad Anonima: corporate family rating, foreign currency, upgraded to B2 from B3; outlook remains negative; issuer rating, domestic currency, affirmed at Baa2/negative; senior unsecured rating, foreign currency, affirmed at Ba2/negative; senior unsecured rating affirmed at Ba2/negative; senior secured shelf rating, foreign currency, affirmed at prospective Ba2/negative; senior unsecured shelf rating, foreign currency, affirmed at prospective Ba2/negative.

Transnet Ltd.: backed senior unsecured rating, foreign currency, upgraded to A2 from A3; outlook remains stable; senior unsecured MTN rating, domestic currency, affirmed at A2/stable; senior unsecured rating, affirmed at A2/stable; short-term issuer rating, domestic currency, affirmed at P-1; and commercial paper rating, domestic currency, affirmed at P-1.

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