Fitch changes 17 Argentine corporates to stable

Fitch Ratings said it affirmed ratings and revised outlooks on the following corporate issuers as a result of the recent revision of Argentina's outlook to stable from positive: AES Argentina Generacion SA; Albanesi SA; Arcor SAIC; Cablevision SA; Capex SA; Compania Latinoamericana de Infraestructura y Servicios SA (CLISA); Genneia SA; Inversiones y Representaciones SA; IRSA Propiedades Comerciales SA; Pampa Energia SA; Pan American Energy LLC; Petroquimica Comodoro Rivadavia SA; Rio Energy SA; UGEN SA; UENSA SA; Telecom Argentina SA; and YPF SA.

Fitch said the outlook revision on Argentina reflects macroeconomic policy frictions and political headwinds that have intensified beyond the agency’s prior expectations, highlighting risks surrounding the gradual policy adjustment process.

“Fitch expects policy adjustments underway to progress despite recent political noise and market volatility, gradually reducing still high inflation and fiscal imbalances, and supporting a stronger and more stable growth outlook,” the agency said in a news release.

“Nevertheless, recent developments have highlighted the vulnerability of the current policy strategy amid market sentiment and political support.”

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