Fitch lifts long-term currency ratings for Argentina companies

Fitch Ratings said it upgraded select long-term foreign currency (LTFC), long-term local currency (LTLC) and national scale ratings of several Argentine corporates following Argentina's debt exchange in June and concurrent upgrade by Fitch of the Argentine country ceiling to B from B-.

Related actions include: Cerveceria y Malteria Quilmes SA (CMQ), LTFC rating upgraded to B from B-, stable outlook; assigned LTLC rating of BB-, stable outlook; national long-term rating of Fideicomiso Financiero Bebidas Argentinas upgrade to AA-(arg) from A(arg). CMQ's ratings reflect its dominant position in the Argentine beer industry, strong financial profile and diversification into soft drinks, juices and water while taking into account the strong shareholders, Fitch said.

Molinos Rio de la Plata SA, LTFC rating upgraded to B from B-, stable outlook; LTLC rating upgraded to B from B-, stable outlook. The ratings of Molinos reflect the company's leading business position in domestic branded food products and its ability to generate dollar-based revenues through exports, Fitch noted.

Pan American Energy LLC (PAE), assigned LTLC rating of BB-, stable outlook. The ratings reflect PAE's strong and expanding asset base of hydrocarbon reserves, its position as the second largest hydrocarbon producer in Argentina, strong dollar revenues from exports of oil and gas and ability to retain a material amount of export revenues offshore, the agency said.

Petrobras Energia SA (PE), LTLC upgraded to BB- from B, stable outlook; national long-term rating upgraded to AA-(arg) from A+(arg), stable outlook. PE's ratings are supported by its strong level of oil and gas reserves, improved financial profile, significant cash generation outside of Argentina and its ability to retain a material amount of export revenues offshore, Fitch noted.

Telefonica de Argentina SA (TASA), LTFC rating upgraded to B from B-, stable outlook; LTLC rating upgraded to B from B-,stable outlook; national long-term rating upgraded to A-(arg) from BBB+(arg), stable outlook. TASA's ratings reflect its strong market position, improved financial profile and historical support provided by its parent, Telefonica SA, the agency said.

Telefonica Holding de Argentina SA (THA), LTFC rating upgraded to B- from CCC, stable outlook; LTLC rating upgraded to B- from CCC, stable outlook; national long-term rating upgraded to BBB+(arg) from BBB-(arg), stable outlook. THA's ratings reflect the rating improvement of its underlying asset, TASA, Fitch said.

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