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Fitch downgrades 16 Argentine corporates
Fitch Ratings said it downgraded 16 Argentine corporate issuers, both foreign and local currency, on the downgrade of Argentinas sovereign rating to CCC from B-. Ratings changes are the same for foreign and local currency issuer default ratings and for senior unsecured notes unless otherwise noted.
The companies are
AES Argentina Generacion SA to CCC from B;
Agua y Saneamientos Argentinos SA to CCC from B;
Albanesi SA to CCC from B-;
Arcor SAIC to B from B+ for its long-term foreign currency IDR, to B+ from BB- for its long-term local currency IDR and international senior unsecured bonds to B from B+;
Capex SA to B- from B;
CLISA - Compania Latinoamericana de Infraestructura y Servicios to CCC from B;
Compania, General de Combustibles SA to B- from B;
Genneia SA to CCC from B;
IRSA Inversiones y Representaciones SA long-term foreign currency IDR to B- from B, long-term local currency IDR to B+ from BB- and long-term unsecured notes to B from B+;
IRSA Propiedades Comerciales SA long-term foreign-currency IDR to B- from B, long-term local currency IDR to B+ from BB- and long-term senior unsecured notes to B from B+;
Mastellone Hermanos SA long-term foreign currency IDR to B- from B, long-term local currency IDR affirmed at B and long-term senior unsecured notes to B- from B;
Pampa Energia SA to B- from B;
Petroquimica Comodoro Rivadavia SA to B- from B;
Rio Energy SA to CCC from B-;
Telecom Argentina SA long-term foreign currency IDR to B- from B, long-term local currency IDR affirmed at BB- and long-term senior unsecured notes to B from B+; and
YPF SA to CCC from B-.
Fitch assigned a negative outlook for all Argentine corporate issuers it reviewed, citing the uncertainty about the future of the peso and future government policies.
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