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CREDIT RATINGS

From the main rating agencies

Fitch MOODY'S S&P GLOBAL
GLOBAL RATINGLOCAL RATINGGLOBAL RATINGLOCAL RATINGGlobal RatingLocal Rating
CCCAA (arg) (Negative Outlook)Caa3 (Negative Outlook)Caa1.arCCC+ (Credit Watch Negative)NR
CREDIT RAting HISTORY
Rating EntityDateGlobal RatingLocal Rating
Fitch Ratings08 Jun 2020CCCAA (arg) (Negative Outlook)
S&P Global Ratings08 May 2020CCC+ (Credit Watch Negative)NR
Moody´s07 Apr 2020Caa3 (Negative Outlook)Caa1.ar
Moody´s03 Sep 2019Caa2 (On Watch Downgrade)B1.ar (On Watch Downgrade)
Fitch Ratings21 Ago 2019CCCAAA
S&P Global Ratings20 Ago 2019B-NR
S&P Global Ratings13 Nov 2018BNR
S&P Global Ratings03 Sep 2018B+ (Credit Watch Negative)NR
Fitch Ratings01 Feb 2018BAAA
Moody´s04 Dec 2017B2A1.ar
S&P Global Ratings30 Oct 2017B+NR
S&P Global Ratings04 May 2017BNR
Moody´s21 Apr 2016B3Baa1.ar
Fitch Ratings23 Mar 2016BAA
Fitch Ratings17 Feb 2016CCC+AA
Fitch Ratings01 Ago 2014CCCAA
Moody´s06 Jun 2014Caa1Baa1.ar
Moody´s19 Mar 2014Caa1Ba1.ar
Moody´s09 Dec 2013B3A2.ar
Moody´s13 Nov 2013WRA2.ar
Fitch Ratings30 Nov 2012B-AA
Fitch Ratings31 Oct 2012B (Rating Outlook Negative)AA
Moody´s12 Jun 2012WRBa1.ar
Moody´s17 Apr 2012WRBaa3.ar (On Watch Downgrade)
Fitch Ratings16 Apr 2012BAA
Fitch Ratings13 Apr 2012BAA+
Fitch Ratings26 Mar 2012B+AAA
Moody´s22 Mar 2012WRAa2.ar (On Watch Downgrade)
Moody´s31 Oct 2011WRAaa.ar (On Watch Downgrade)
Moody´s23 Nov 2009WRAaa.ar
Moody´s24 Feb 2009WRNR
Moody´s23 Dec 2008Ba2 (On Watch Downgrade)NR
Fitch Ratings18 Dec 2008BB-AAA
Fitch Ratings24 Nov 2008BB+ (Rating Outlook Negative)AAA
Fitch Ratings24 Apr 2006BB+AAA
Moody´s30 Jun 2005Ba2NR
Moody´s16 Jun 2005Ba3NR
Fitch Ratings21 Oct 2003BBAAA
Fitch Ratings08 May 2003B+ (Rating Outlook Positive)AAA
Moody´s29 Jul 2002B1NR
Moody´s25 Apr 2002B1 (On Watch Downgrade)NR
Fitch Ratings28 Mar 2002B+ (Rating Outlook Negative)AAA
Moody´s08 Feb 2002B1NR
Fitch Ratings15 Jan 2002BB (Rating Outlook Negative)AAA
Moody´s21 Dec 2001Ba3 (On Watch Downgrade)NR
Moody´s12 Dec 2001Ba3 (On Watch Downgrade)NR
Fitch Ratings06 Dec 2001BBB- (Rating Outlook Negative)AAA
Moody´s01 Nov 2001Ba3NR
Fitch Ratings12 Jul 2001BBB-AAA
Moody´s07 Jun 2001B2 (On Watch Upgrade)NR
Moody´s05 Jun 2001B2NR
Moody´s28 Mar 2001B2 (On Watch Downgrade)NR
Fitch Ratings20 Mar 2001BBB- (Rating Outlook Negative)AAA
Moody´s06 Oct 1999B1NR
Moody´s20 Ago 1999Ba3 (On Watch Downgrade)NR
Moody´s24 Jun 1999Ba3NR
Moody´s30 Apr 1999Ba3 (On Watch Upgrade)NR
Fitch Ratings01 Feb 1999BBB-AAA
Fitch Ratings10 Nov 1998BBB-NR
Moody´s02 Oct 1997Ba3NR
Moody´s19 Jan 1994B1NR

Credit Ratings Definitions​

​Fitch Ratings

Global Long-Term Rating Scale

AAA
Highest credit quality. ‘AAA’ ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA
Very high credit quality. ‘AA’ ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A
High credit quality. ‘A’ ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

BBB
Good credit quality. ‘BBB’ ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

BB
Speculative. ‘BB’ ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.

B
Highly speculative. ‘B’ ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

CCC
Substantial credit risk. Default is a real possibility.

CC
Very high levels of credit risk. Default of some kind appears probable.

C
Near default. A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a ‘C’ category rating for an issuer include:
a. the issuer has entered into a grace or cure period following non-payment of a material financial obligation;
b. the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation;
c. the formal announcement by the issuer or their agent of a distressed debt exchange;
d. a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent.

RD
Restricted default. ‘RD’ ratings indicate an issuer that in Fitch’s opinion has experienced:
a. an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation, but
b. has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and
c. has not otherwise ceased operating. This would include:
i) the selective payment default on a specific class or currency of debt;
ii) the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation;
iii) the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; ordinary execution of a distressed debt exchange on one or more material financial obligations.

D
Default. ‘D’ ratings indicate an issuer that in Fitch’s opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business.

For more information: www.fitchratings.com


Nationale Long-Term Rating Scale

AAA
Implies the maximum rating assigned by FIX Argentina in its national rating scale of the country. This rating is assigned to the best credit with respect to other issuers or issues in the country.

AA
Implies a very solid credit quality compared to other issuers or issues in the country. The credit risk inherent in these financial obligations differs slightly from the best rated issuers or issues within the country.

A
Implies a solid credit quality compared to other issuers or issues in the country. However, changes in economic circumstances or conditions may affect repayment capacity in a timely manner to a greater extent than for those financial obligations qualified with higher categories.

BBB
Implies an adequate credit quality with respect to other issuers or issues in the country. However, changes in economic circumstances or conditions are more likely to affect repayment capacity in a timely manner to a greater extent than for those financial obligations qualified with higher categories.

BB
Implies relatively vulnerable credit risk with respect to other issuers or issues in the country. Within the country context, the payment of these financial obligations implies a certain degree of uncertainty and the ability to pay in a timely manner is more vulnerable to the development of adverse economic changes.

B
Implies a significantly more vulnerable credit risk compared to other issuers in the country. Financial commitments are currently being met, but there is a limited margin of security and the ability to continue paying on time and in a manner depends on the favorable and sustained development of the economic and business environment.

CCC
Implies a very vulnerable credit risk with respect to other issuers or issues within the country. The ability to meet financial obligations depends exclusively on favorable and sustainable development in the economic and business environment.

CC
Implies an extremely vulnerable credit risk with respect to other issuers or issues within the country. There is a high probability of default and the ability to meet financial obligations depends exclusively on the favorable and sustainable development of the economic and business environment.

C
Implies an extremely vulnerable credit risk with respect to other issuers or issues within the country. Non-compliance is imminent unless the economic and business environment develops in a favorable and sustained manner.

D
Assigned to issuers or issues that have currently incurred in default.

Notes:
National qualifications are not comparable between different countries, so they are identified by adding a suffix for the country to which they refer. In the case of Argentina, “(arg)” or “(uy)” will be added for Uruguay.

The "+" or "-" signs may be added to a national rating to show greater or lesser relative importance within the corresponding category, and do not alter the definition of the category to which they are added. These signs will not be used for the AAA category (arg), for categories below CCC (arg) or for short-term national qualifications except A1 (arg).

The Perspective of a rating indicates the possible direction in which a rating could move within a period of one to two years. The outlook reflects financial or other trends that have not yet been consolidated at the level of triggering a rating change but could do so if that trend continues. Most of the outlook is stable, a situation that is consistent with the historical migration rate of the ratings over a period of one or two years. The Outlook can be positive, negative or stable. A negative or positive perspective does not imply that a change in the rating is inevitable. Similarly, a rating with a stable outlook can be changed before the outlook changes to positive or negative if there are elements that justify it. If a circumstance arises that does not allow identifying the fundamental tendency of a rating, an evolving perspective may exceptionally be applied. The outlook does not apply to the short-term rating scale and is selectively used for ratings in the categories ‘CCC’, ‘CC’ and ‘C’.

Rating Watch: A rating is placed under Rating Watch to warn investors that there is a reasonable probability of change in the rating assigned and the probable direction of that change. The Rating Watch is designated as “Positive”, indicating a possible rise, “Negative” in case of a low potential, and “In evolution” when the direction of the possible change has not been determined, and is indicated by adding “?”, “? ” or “? ” Respectively to the previously assigned category. Generally, the Rating Watch is resolved in a relatively short period of time. The trigger of the RW can be either an anticipation of an event or it may be an event that has already occurred, but in both cases, the exact implications on the qualification remain undetermined. The period in which the RW is in effect is normally used to gather more information and/or deepen the analysis. Additionally, the RW can be used when the consequences on the rating are clear, and there is a trigger event (for example, a change in the shareholding structure or regulatory approval). The RW will be extended to cover the period in which the trigger event is resolved, or its outcome is predictable with a high degree of certainty.

In the lower categories of speculative grade (‘CCC’, ‘CC’ and ‘C’) the high volatility of credit profiles may imply that all ratings carry an RW. However, RWs are selectively applied in these categories, when a Board decides that particular events or threats are best communicated by adhering an RW designation. The use of the “Rating Watch” status is mutually exclusive of the “Perspective”.

For more information: www.fixscr.com

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S&P Global Ratings

Global Long-Term Rating Scale

AAA
An obligor rated 'AAA' has extremely strong capacity to meet its financial commitments. 'AAA' is the highest issuer credit rating assigned by S&P Global Ratings.

AA
An obligor rated 'AA' has very strong capacity to meet its financial commitments. It differs from the highest-rated obligors only to a small degree.

A
An obligor rated 'A' has strong capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories

BBB
An obligor rated 'BBB' has adequate capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments.

BB,B,CCC and CC
Obligors rated 'BB', 'B', 'CCC', and 'CC' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'CC' the highest. While such obligors will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

BB
An obligor rated 'BB' is less vulnerable in the near term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments.

B
An obligor rated 'B' is more vulnerable than the obligors rated 'BB', but the obligor currently has the capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments.

CCC
An obligor rated 'CCC' is currently vulnerable and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

CC
An obligor rated 'CC' is currently highly vulnerable. The 'CC' rating is used when a default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

SD and D
An obligor is rated 'SD' (selective default) or 'D' if S&P Global Ratings considers there to be a default on one or more of its financial obligations, whether long- or short-term, including rated and unrated obligations but excluding hybrid instruments classified as regulatory capital or in nonpayment according to terms. A 'D' rating is assigned when S&P Global Ratings believes that the default will be a general default and that the obligor will fail to pay all or substantially all of its obligations as they come due. An 'SD' rating is assigned when S&P Global Ratings believes that the obligor has selectively defaulted on a specific issue or class of obligations, but it will continue to meet its payment obligations on other issues or classes of obligations in a timely manner. A rating on an obligor is lowered to 'D' or 'SD' if it is conducting a distressed exchange offer.

*Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

Credit Watch highlights our opinion regarding the potential direction of a short-term or long-term rating. It focuses on identifiable events and short-term trends that cause ratings to be placed under special surveillance by S&P Global Ratings' analytical staff.

A Credit Watch listing, however, does not mean a rating change is inevitable, and when appropriate, a range of potential alternative ratings will be shown. The "positive" designation means that a rating may be raised; "negative" means a rating may be lowered; and "developing" means that a rating may be raised, lowered, or affirmed.

An S&P Global Ratings outlook assesses the potential direction of a long-term credit rating over the intermediate term (typically six months to two years). In determining a rating outlook, consideration is given to any changes in economic and/or fundamental business conditions. An outlook is not necessarily a precursor of a rating change or future Credit Watch action.

- Positive means that a rating may be raised.

- Negative means that a rating may be lowered.

- Stable means that a rating is not likely to change.

- Developing means a rating may be raised, lowered, or affirmed.

- N.M. means not meaningful.

For more information: www.spratings.com

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MOODY´S

National Long-Term Rating Scale

Aaa.ar
Issuers or issues rated Aaa.ar demonstrate the strongest creditworthiness relative to other domestic issuers.

Aa.ar
Issuers or issues rated Aa.ar demonstrate very strong creditworthiness relative to other domestic issuers.

A.ar
Issuers or issues rated A.ar present above-average creditworthiness relative to other domestic issuers.

Baa.ar
Issuers or issues rated Baa.ar represent average creditworthiness relative to other domestic issuers.

Ba.ar
Issuers or issues rated Ba.ar demonstrate below-average creditworthiness relative to other domestic issuers.

B.ar
Issuers or issues rated B.ar demonstrate weak creditworthiness relative to other domestic issuers.

Caa.ar
Issuers or issues rated Caa.ar demonstrate very weak creditworthiness relative to other domestic issuers.

Ca.ar
Issuers or issues rated Ca.ar demonstrate extremely weak creditworthiness relative to other domestic issuers.

C.ar
Issuers or issues rated C.ar demonstrate the weakest creditworthiness relative to other domestic issuers.

Note:
Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. National scale long-term ratings of D.ar and E.ar may also be applied to Argentine obligations.

A Moody’s rating outlook is an opinion regarding the likely rating direction over the medium term. Rating outlooks fall into four categories: Positive (POS), Negative (NEG), Stable (STA), and Developing (DEV). A stable outlook indicates a low likelihood of a rating change over the medium term. A negative, positive or developing outlook indicates a higher likelihood of a rating change over the medium term.

For more information: ww.moodys.com

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