Fitch affirms Salta Hydrocarbon notes

Fitch Ratings said it affirmed Salta Hydrocarbon Royalty Trust's global-scale foreign-currency rating for its $234 million of targeted amortization notes at B.

The outlook is stable.

The rating is equal to Argentina's sovereign and country ceiling ratings and addresses the timely payment of interest and ultimate payment of principal by the final maturity date Dec. 28, 2015, the3 agency said. The target maturity date is Dec. 28, 2012.

The bonds continue to amortize with the target schedule being the outstanding balance of $62.8 million, the agency added. Recent collections have been decreasing due to lower oil and gas production levels registered in the last two years that have not been off-set by prices.

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