Argentina http://www.alacrastore.com/country-snapshot/Argentina Friday, January 09, 2009 7:07:30 AM en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/694443spcred/694443normThe latest News from S&Ppubfinglobal1/5/2009 3:36:00 PM100News694443ArgentinaConstruction & EngineeringEmerging MarketsLatin AmericaGlobal IssuersPublic FinanceCorporationsUtilitiesNewsBUENOS AIRES (Standard&Poor's) Jan. 5, 2009--Standard&Poor's Ratings Services said today that its 'B-' long-term counterparty credit rating on Argentine toll-road operator Autopistas del Sol S.A. (Ausol) is not affected by the significant toll adjustment the Argentine government recently announced. However, we could revise the outlook to stable. We expect the toll adjustment for Ausol to become effective in the coming weeks. The announcement incorporated a sizable toll increase of more than 50% for light vehicles (a new toll of Argentine pesos [ARP] 3.40 in nonpeak hours and ARP4.50 in peak hours, up from the current ARP2.20). Although this increase may significantly relieve Ausol's high debt and interest burden and strengthen its financial risk profile, the ratingsARG05329920103010 201030 2010 20Autopistas Del Sol S.A.316135EMERGINGLATAMERICA1165Z@CINEWSGLOBISSPUBFINCORPUTILLEVFINPROJFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/694384spcred/694384normThe latest Full Report from S&Pglobal1/5/2009 1:10:18 PM400Full Report694384ArgentinaConstruction & EngineeringEmerging MarketsLatin AmericaGlobal IssuersCorporationsAerospace & DefenseFull ReportGood competitive position in hydropower turbines and growing market positioning in wind generation market in Latin America Sizable backlog Short-term debt concentration Exposed to inherent cyclicality of the capital goods industry Highly leveraged Standard&Poor's Ratings Services' ratings on Industrias Metalurgicas Pescarmona S.A.I.C.y.F. (IMPSA) reflect the company's high leverage and short-term debt concentration, its exposure to the inherent volatility of the capital goods industry, and the fluctuations of economic activity in the main countries in which IMPSA operates. IMPSA's adequate competitive position in the hydropower generation turbines business and some geographic diversification partially mitigate those factors. The rating also incorporates the expected improvement in IMPSA's cash generation and financial profile, resulting from the company's sizable backlog and business diversificationARG45647W45647V20103010 201030 2010 20Industrias Metalurgicas Pescarmona S.A.I.C.y.F.315098EMERGINGLATAMERICA1069Z@ARFULLGLOBISSCORPLEVFINAerospaceCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/694385spcred/694385normThe latest Summary from S&Pglobal1/5/2009 1:10:00 PM175Summary694385ArgentinaConstruction & EngineeringEmerging MarketsLatin AmericaGlobal IssuersCorporationsAerospace & DefenseSummaryStandard&Poor's Ratings Services' ratings on Industrias Metalurgicas Pescarmona S.A.I.C.y.F. (IMPSA) reflect the company's high leverage and short-term debt concentration, its exposure to the inherent volatility of the capital goods industry, and the fluctuations of economic activity in the main countries in which IMPSA operates. IMPSA's adequate competitive position in the hydropower generation turbines business and some geographic diversification partially mitigate those factors. The rating also incorporates the expected improvement in IMPSA's cash generation and financial profile, resulting from the company's sizable backlog and business diversification from its relatively new wind-power division. IMPSA is incorporated in the Republic of Argentina (B-/Stable/C). However, exposure to Argentine country risk is partially offset by IMPSA's well-diversified revenue base, with about 85% ofARG45647W45647V20103010 201030 2010 20Industrias Metalurgicas Pescarmona S.A.I.C.y.F.315098EMERGINGLATAMERICA1069Z@ARSUMMARYGLOBISSCORPLEVFINAerospaceCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/693528spcred/693528normglobal12/29/2008 12:59:19 PM400Full Report693528ArgentinaDiversified BanksEmerging MarketsLatin AmericaGlobal IssuersFinancial InstitutionsFull ReportHealthy asset quality indicators Strong capital base and high liquidity level Profitable operation The relatively risky Argentine environment Still small market share The ratings on Banco Patagonia S.A. primarily reflect the risk inherent in the operating environment of Argentina. The bank is challenged to increase its still low market participation and sustaining its revenue diversification. These weaknesses are counterbalanced by the bank's solid financial standing, evidenced by good asset quality, above-market-average profitability, ample liquidity, and high capitalization. Given increasing uncertainties about the Argentine economy amid decelerating economic activity, Standard&Poor's Ratings Services believes that the close linkage between the sovereign credit quality on the Republic of Argentina (B-/Stable/C) and that of the Argentine financial system will directly affect theARG0596A00596A140101010 401010 4010 40Banco Patagonia S.A.328205EMERGINGLATAMERICA1094Z@ARFULLGLOBISSFILEVFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/693532spcred/693532normglobal12/29/2008 12:59:00 PM175Summary693532ArgentinaDiversified BanksEmerging MarketsLatin AmericaGlobal IssuersFinancial InstitutionsSummaryThe ratings on Banco Patagonia S.A. primarily reflect the risk inherent in the operating environment of Argentina. The bank is challenged to increase its still low market participation and sustaining its revenue diversification. These weaknesses are counterbalanced by the bank's solid financial standing, evidenced by good asset quality, above-market-average profitability, ample liquidity, and high capitalization. Given increasing uncertainties about the Argentine economy amid decelerating economic activity, Standard&Poor's Ratings Services believes that the close linkage between the sovereign credit quality on the Republic of Argentina (B-/Stable/C) and that of the Argentine financial system will directly affect the bank's business and future results. The bank has been growing organically, showing above-average growth rates. It targets the middle-income and small andARG0596A00596A140101010 401010 4010 40Banco Patagonia S.A.328205EMERGINGLATAMERICA1094Z@ARSUMMARYGLOBISSFILEVFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/692299spcred/692299normThe latest Summary from S&Pglobal12/22/2008 10:27:44 AM175Summary692299ArgentinaHotels, Resorts & Cruise LinesEmerging MarketsLatin AmericaGlobal IssuersInternational Public FinanceSummaryThe ratings on the Province of Mendoza (Republic of Argentina) reflect the increasing fiscal and financial stress at the sovereign level amid decelerating economic growth, which is expected to significantly affect provincial fiscal revenues. The ratings are also constrained by a relatively high debt burden that is expected to reach about 62% of 2008´s operating revenues, increasing expenditure pressures, and limitations on financial flexibility given its relatively high dependence on federal transfers. Somewhat offsetting these risks is a sophisticated management, which is above Argentine standards and has allowed the province to achieve four years of balanced budgets while reducing its debt burden. In addition, the province presents a smooth and moderate debt service for the next five years. The province'sARG58680525301020 253010 2530 25Mendoza (Province of)316553EMERGINGLATAMERICA1045Z@ARSUMMARYGLOBISSGOVSLEVFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/692209spcred/692209normThe latest Full Report from S&Pglobal12/21/2008 8:54:30 PM400Full Report692209ArgentinaHotels, Resorts & Cruise LinesEmerging MarketsLatin AmericaGlobal IssuersInternational Public FinanceFull ReportStrong economic structure, though it is still diversifying, and there are significant challenges ahead. Stable political environment and management sophistication, which is above average by Argentine standards. Moderate and smooth debt service on capital-market instruments. Strong dependence on financial assistance from the federal government at times of increasing fiscal and financial stress at the sovereign level. Despite declining in relative terms, the debt burden is still relatively high at an estimated 62% of 2008´s operating revenues. Rising challenges in terms of budgetary performance given deceleration in revenues and increasing pressures on the expenditure side, particularly given 2009 congressional elections. The ratings on the Province of Mendoza (Republic of Argentina) reflect the increasing fiscal and financial stress at the sovereign levelARG58680525301020 253010 2530 25Mendoza (Province of)316553EMERGINGLATAMERICA1045Z@ARFULLGLOBISSGOVSLEVFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/690911spcred/690911normThe latest Full Report from S&Pglobalstructured12/17/2008 10:54:00 AM400Full Report690911ArgentinaAirlinesEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceInternational Public FinanceAsset-Backed SecuritiesFull ReportDiversified economic base that contributes 35.8% of Argentina's GDP; Relatively smooth capital market debt maturity profile in the short term; and Experienced debt management team, with the capacity to generate timely and comprehensive financial reports. Strong dependence on discretionary financial assistance from the federal government at times of increasing fiscal and financial stress at the sovereign level; Still-weak budgetary performance, as demonstrated by an expected deficit of Argentine peso (ARP) 2.85 billion at year-end 2008 (equivalent to about 6.3% of total revenue); A high, although declining, debt burden that might reach 90.8% of operating revenue in fiscal 2008; and Difficulties in accessing the capital markets because of a bad perception of Argentina's creditworthiness. The 'B-' rating on the Province ofARG11942X11942WP1911174408020302010 203020 2030 20Buenos Aires (Province of)130252EMERGINGLATAMERICA1010Z@ARFULLGLOBISSSTRUCGOVSABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/690912spcred/690912normThe latest Summary from S&Pglobalstructured12/17/2008 10:54:00 AM175Summary690912ArgentinaAirlinesEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceInternational Public FinanceAsset-Backed SecuritiesSummaryThe 'B-' rating on the Province of Buenos Aires (PBA) reflects a structural fiscal deficit that has to be financed with assistance from the federal government (Republic of Argentina; B-/Stable/C), as well as increasing fiscal and financial stress at the sovereign level amid decelerating economic growth, which is expected to significantly affect provincial fiscal revenues. PBA's favorable market debt amortization profile somewhat offsets these negative factors. Overall, the province's dependence on the federal government for transfers and financing closely links the creditworthiness of both entities. PBA's budgetary performance remained weak despite high economic growth in recent years, highlighting the significant fiscal challenge ahead as the economy decelerates. Operating margins registered a surplus of ARP434 million in 2007, but the overallARG11942X11942WP1911174408020302010 203020 2030 20Buenos Aires (Province of)130252EMERGINGLATAMERICA1010Z@ARSUMMARYGLOBISSSTRUCGOVSABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/datamonitoress/DBCM3600datamonitoress/DBCM3600pdf...The Household Products market cons ists of Toilet care, Furniture polish, Insect icides, Textile washi ng products, Scouring produ cts, General purpose cleaners, Air freshener s, Bleach and Dishwashing products. ... Databook495.0012/16/2008 1:49:47 PM405ConsumerHouseholdArgentinaDBCM3600Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/spcred/685731spcred/685731normThe latest Summary from S&Pglobalstructured11/25/2008 6:29:00 PM175Summary685731ArgentinaThrifts & Mortgage FinanceEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceFinancial InstitutionsResidential MBSSummaryStandard&Poor's Ratings Services' ratings on Banco Hipotecario S.A. primarily reflect the risk inherent in operating in the Republic of Argentina (B-/Stable/C). The rating also incorporates the bank's weak profitability and its challenge to maintain adequate financial indicators while consolidating its business model in a less-favorable economic environment. These weaknesses are counterbalanced by Banco Hipotecario's strong capitalization and adequate financial standing. Given increasing uncertainties about the Argentine economy amidst decelerating economic activity, we believe that the close linkage between the sovereign's credit quality and the Argentine financial system's will directly affect the bank's business and future results. Banco Hipotecario faced the challenge of replanning its business, focusing on developing universal banking. The bank's significant expansion and diversification of itsARG05959E05959W05959X05961A05959F40102010 401020 4010 40Banco Hipotecario S.A.306459EMERGINGLATAMERICABHIP@ARSUMMARYGLOBISSSTRUCFIRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/datamonitoress/DBCM3574datamonitoress/DBCM3574pdf...The Argentinean Hot drinks market volume totaled ##.# milli on kg in ####, representing a CAGR of #.#% since ####. ... Databook495.0011/24/2008 5:43:26 PM5DrinksArgentinaDBCM3574Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/datamonitoress/DBCM3524datamonitoress/DBCM3524pdf...The Argentinean Baby Personal Care market volume totaled ###. # million units in ####, representing a CAGR of #.#% since ####. ... Databook495.0011/24/2008 5:43:05 PM7Personal HygieneArgentinaDBCM3524Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/datamonitoress/DBCM3374datamonitoress/DBCM3374pdf...The Argentinean Confectionery market volume totaled ###.# m illion kg in ####, representing a CAGR of #% since ####. ... Databook495.0011/24/2008 5:42:03 PM606FoodConfectioneryArgentinaDBCM3374Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/datamonitoress/DBCM3424datamonitoress/DBCM3424pdf...The Argentinean Fragrances market volume totaled ## milli on units in ####, representing a CAGR of ##.#% since ####. ... Databook495.0011/24/2008 5:41:25 PM701Personal HygieneFragrancesArgentinaDBCM3424Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/datamonitoress/DBCM3474datamonitoress/DBCM3474pdf...The Haircare market consists of Conditioner, Shampoo, Perms & relaxers, Styling agents and Hair colorants. ... Databook495.0011/24/2008 5:41:03 PM702Personal HygieneHaircareArgentinaDBCM3474Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/spcred/685253spcred/685253normThe latest Summary from S&Pglobalstructured11/24/2008 10:25:00 AM175Summary685253ArgentinaIntegrated Oil & GasEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceFinancial InstitutionsCorporationsUtilitiesCollateralized Debt ObligationsMetals & MiningGasEnergySummaryThe ratings on Petrobras Energia S.A. (PESA) mainly reflect our perception of the existence of economic incentives from Petroleo Brasileiro S.A. - Petrobras (FC: BBB/Stable/A-3) to support PESA, given PESA's strategic importance as a key foreign subsidiary in Latin America. This was evidenced partly through the standby purchase agreement (SPA) granted to PESA to support the issuance of $300 million 10-year notes in May 2007. As a result, our final rating on PESA is two notches above its stand-alone credit rating, and four notches above the foreign currency rating on the Republic of Argentina (B-/Stable/C). In addition, the rating on the $300 million notes due 2017 reflects the benefit of the credit support provided under the terms of the SPA.ARG71646J713665P7652MP7873P70522M20448410102010 101020 1010 10Petrobras Energia S.A.309861EMERGINGLATAMERICAPECO@ARSUMMARYBRA7165487165J17165J371654V7165J27165J47165J57165J67165J77165K07165J07165K110102010 101020 1010 10Petroleo Brasileiro S.A. - Petrobras103887LATAMERICAEMERGINGPETR3@BZGLOBISSSTRUCFICORPUTILCDOMetalsGasEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/685139spcred/685139normThe latest Full Report from S&Pglobalstructured11/21/2008 6:27:00 PM400Full Report685139ArgentinaIntegrated Oil & GasEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceFinancial InstitutionsCorporationsUtilitiesCollateralized Debt ObligationsGasEnergyMetals & MiningFull ReportPotential support from its main shareholder, Petroleo Brasileiro S.A. - Petrobras, enhances financial flexibility and overall credit quality Integrated operations, competitive cost for upstream operations Strong concentration in volatile environments, mainly Argentina and Venezuela Capital-intensive business that requires continuous reinvestment to sustain production levels Poor reserve-replacement ratios The ratings on Petrobras Energia S.A. (PESA) mainly reflect our perception of the existence of economic incentives from Petrobras (FC: BBB/Stable/A-3) to support PESA, given PESA's strategic importance as a key foreign subsidiary in Latin America. This was evidenced partly through the standby purchase agreement (SPA) granted to PESA to support the issuance of $300 million 10-year notes in May 2007. As a result, our final rating on PESA is two notches aboveARG70522M20448471646J713665P7652MP7873P10102010 101020 1010 10Petrobras Energia S.A.309861EMERGINGLATAMERICAPECO@ARFULLBRA71654V7165J17165J37165J47165J57165J67165J77165K07165K17165487165J07165J210102010 101020 1010 10Petroleo Brasileiro S.A. - Petrobras103887EMERGINGLATAMERICAPETR3@BZGLOBISSSTRUCFICORPUTILCDOGasEnergyMetalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/684842spcred/684842normThe latest Research Update from S&Pglobal11/20/2008 6:44:00 PM175Research Update684842ArgentinaIntegrated Oil & GasEmerging MarketsLatin AmericaGlobal IssuersCorporationsUtilitiesEnergyResearch UpdateOn Nov. 5, 2008, Standard&Poor's Ratings Services placed its 'BB-' long-term corporate credit rating on Pan American Energy LLC (PAE) on CreditWatch Negative. The CreditWatch Negative on the local-currency rating reflects our perception that the corporate sector in Argentina faces tougher challenges than before and that overall credit quality has weakened given our view of a riskier business environment for companies operating in the country. As a result, we are analyzing the impact of government intervention, financial flexibility, parent support, cash-flow stability, and overall leverage on the final ratings. The ratings could remain above that of the sovereign if our analysis shows that, under a sovereign default scenario, the company can generate sufficient local-currency resources to meet allARG10790810102010 101020 1010 10Pan American Energy LLC129982EMERGINGLATAMERICA1131Z@ARRESUPDGLOBISSCORPUTILEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/684618spcred/684618normThe latest Research Update from S&Pglobalpubfin11/20/2008 1:02:34 PM175Research Update684618ArgentinaConstruction & EngineeringEmerging MarketsLatin AmericaGlobal IssuersPublic FinanceCorporationsUtilitiesResearch UpdateOn Nov. 5, 2008, Standard&Poor's Ratings Services revised its outlook on Argentine toll-road operator Autopistas del Sol S.A. (Ausol; B-/--) to negative from stable. This action follows our perception of increasing macroeconomic and institutional challenges in Argentina, which could impair the company's ability to meet its financial obligations in the absence of tariff adjustments (which have recently shown certain progress but are still subject to approval by the executive branch). The ratings on Ausol reflect high regulatory risk, the uncertainties associated with renegotiating the company's concession contract, high leverage, significant mismatch between revenues in Argentine pesos and dollar-denominated debt, and a relatively short tail for refinancing because the $155 million notes mature in 2017 and the concession endsARG05329920103010 201030 2010 20Autopistas Del Sol S.A.316135EMERGINGLATAMERICA1165Z@CIRESUPDGLOBISSPUBFINCORPUTILPROJFINCredit & Investment ResearchS&P Credit Research