Fitch ups Argentinean corporates

Fitch Ratings has taken rating actions on the following corporate issuers due to the recent upgrade of Argentina's country ceiling to B from CCC:

• Arcor SAIC: Foreign currency long-term issuer default rating upgraded to B+ from B- with a stable outlook, local currency long-term issuer default rating affirmed at B+, notes due 2017 upgraded to B+ from B and recovery rating revised to RR4 from RR3;

• Capex SA: Foreign currency long-term issuer default rating upgraded to B from CCC and assigned a stable outlook, local currency long-term issuer default rating affirmed at B, notes due 2018 upgraded to B from CCC+ and recovery rating revised to RR4 from RR3;

• Central Puerto SA: Foreign currency long-term issuer default rating upgraded to B from CCC and assigned a stable outlook, local currency long-term issuer default rating affirmed at B, notes due 2017 upgraded to B from CCC+ and recovery rating revised to RR4 from RR3;

• Compania Latinoamericana de Infraestructura y Servicios SA: Foreign currency long-term issuer default rating upgraded to B- from CCC and assigned a negative outlook, local currency long-term issuer default rating affirmed at B-, notes due 2019 upgraded to B- from CCC and recovery rating affirmed at RR4;

• Inversiones y Representaciones SA: Foreign currency long-term issuer default rating upgraded to B from CCC and assigned a stable outlook; local currency long-term issuer default rating affirmed at B+, notes due 2017 and 2020 upgraded to B from B- and recovery rating revised to RR4 from RR3;

• IRSA Propiedades Comerciales SA: Foreign currency long-term issuer default rating upgraded to B from CCC and assigned a stable outlook; local currency long-term issuer default rating affirmed at B+, notes due 2017 and 2023 upgraded to B from B- and recovery rating revised to RR4 from RR3;

• Mastellone Hermanos SA: Foreign currency and local currency long-term issuer default ratings affirmed at CCC, notes due 2021 upgraded to CCC from CCC- and recovery rating affirmed at RR4;

• Medanito SA: Foreign currency long-term issuer default rating upgraded to B- from CCC and assigned a stable outlook; local currency long-term issuer default rating affirmed at B-, long-term international senior unsecured expected debt rating of CCC+/RR3(EXP) withdrawn;

• Pan American Energy LLC: Foreign currency long-term issuer default rating upgraded to B+ from B- with a stable outlook; local currency long-term issuer default rating affirmed at B+;

• Pan American Energy LLC Sucursal Argentina: Notes due 2021 upgraded to B+ from B and recovery rating revised to RR4 from RR3; and

• YPF SA: Foreign currency long-term issuer default rating upgraded to B from CCC and assigned a stable outlook; local currency long-term issuer default rating affirmed at B, notes due 2018, 2021, 2024, 2025, 2028 upgraded to B from CCC+ and recovery rating revised to RR4 from RR3.

Fitch upgraded the local currency issuer default ratings of Argentina as well as its country ceiling to B from CCC on March 22. The long-term local currency issuer default rating upgrade was driven by the improved consistency and sustainability of Argentina's policy framework, reduced external vulnerability and the expected easing of fiscal financing constraints.

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