Fitch to give B+/RR3 to Pampa bond

Fitch Ratings said it expects to assign a rating of B+/RR3 to Pampa Energia SA's proposed bond issuance of senior unsecured notes due 2022.

The notes will be denominated in Argentine pesos, payable in dollars, and will carry a fixed rate.

Proceeds will be used to refinance existing debt and to fund fixed asset investments in Argentina and working capital requirements.

The notes will rank at least pari passu in priority of payment with all other Pampa senior unsecured debt, and will be rated the same as all of Pampa's senior unsecured obligations.

Fitch said the ratings consider Pampa's status as Argentina's largest integrated energy company, with significant market shares across all its business lines. In particular, the ratings reflect the company's substantial operations in exploration & production (E&P), as well as the favorable domestic price environment for its natural gas business in Argentina.

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