Moody’s Ratings (Moody’s) changed the qualification on several companies operating in Argentina. This happened after recategorization of local government bonds to Caa1, with a stable perspective, from Caa3 and with a positive perspective. In addition, the country roof of Argentina in local currency rose from B3 to B1, while the country ceiling in foreign currency rose from Caa1 to B2.
Changes in qualifications:
Foundation of qualifications
The improvement in Argentina’s sovereign qualification reflects the Liberalization of the exchange market, Minor capital controls and the adoption of a new IMF programwhich improved liquidity in dollars and reduced external vulnerabilities. According to the qualifier, these advances, together with a process of disinflation and reforms promoted by investmentThey support a gradual transition towards external sustainability. However, they considered that Structural restrictions and the weakness of international reserves They continue to limit the sovereign’s credit profile at the level Caa1.
In turn, they explained that the increase in the country in local currency to B1 and in foreign currency to B2 It reflects greater predictability in economic policy and a lower government intervention in the economy and the financial system, although they persist external imbalances. “The difference of a step between the two ceilings reflects greater policy effectiveness and under external indebtednessbalanced by a low opening of the capital account. The difference of two steps between the ceiling in foreign currency and the sovereign rating is possible only given the low current level of the sovereign note (Caa1), and it could be reduced if this improvement, “they added.
Even so, The solvency of these companies cannot be completely disconnected from the credit risk of the Argentine government.
One by one: how to analyze Moodys each company
Pluspetrol S.
Pluspetrol SA ratifications “reflect their solid competitive position in the production of natural gas and oil in Argentina, backed by high quality assets and an important growth potential both in production and in reserves development, which supports a solid cash flow between 2025 and 2027. The company’s management team has extensive experience and a highlight of a high history in the development of conventional and unconventional resources, which contributes to conventional and unconventional resources His general strength, “they explained
Pluspetrol ratings are mainly limited by the concentration of their assets and gas production in Argentinaalthough this is partially compensated by the diversification of sales to export markets (about 24% of income in 2024). For the qualifier, The company is also exposed to regulatory risks in the local hydrocarbons market. In addition, it is vulnerable to the volatility of the prices of energy raw materials, since approximately 30% of its income comes from natural gas sales and the remaining 70% of raw oil.
Raghsa
The qualifier Moody’s He assigned a note B2 to Raghsa SA, highlighting as strengths its high quality real estate assets, high occupancy levels – with 98% average – and a solid tenant base. The company has four office buildings for rent, land in Buenos Aires and a luxury residential building in New York.
The company exhibits a good financial position, with US $ 123 million in cash and negotiable values as of May 31, 2025, and without significant maturities of debt until 2027. However, however, The qualification is limited by the reduced size of the company against its global competitors, the geographical concentration of its assets, the family structure without independent directory and its exposure to exchange risk.
Tecpetrol
B1 ratings of TECPETROL SA They reflect “their solid competitive position in the production of natural gas in Argentina, backed by high quality assets and an important growth potential both in production and in the development of reserves. The qualification is also supported by its solid capital structure, characterized by a low leverage, strong generation of cash flow and good liquidity. The company’s management team has extensive experience and a highway history in the development of unconventional resources, which further strengthens its resources. position”.
Tecpetrol qualifications also benefit, as they added, from their diversification of export income, the strong support of the Techint Group and the solid liquidity position of your parent company, SLU International Tecpetrol The robust cash flow of the matrix, from international operations, reinforces its ability to provide support to Tecpetrol if necessary.
The qualifications are limited by the concentration of operations in Argentina, the regulatory risks in the local hydrocarbons sector and exposure to the volatility of energy prices.
Telecom Argentina
It is on one of the three largest provider of telecommunications services in the country, retains its qualification thanks to solid financial indicators, a conservative strategy and adequate liquidity. In 2025, he acquired Argentine mobile telephone for US $ 1,200 million, expanding its presence in the south of the country and strengthening its high -speed Internet offer. However, Face risks for its high exposure to debt in dollars – that represents 69% of the total – and the concentration of income in local currency, in a competitive market and with regulatory volatility, despite a recent partial deregulation of the sector.
Argentine Energy view
For Moodys, it stands out as one of the most dynamic players in the oil sector. The company relies on high quality assets in Vaca Muerta and an efficient cost structure, which allows it to maintain solid profitability and low leverage. The recent acquisition of 50% of the Bloc La Amarga Chica through Petronas will boost its production in 62% for 2025. Despite its diversification through exports and the financial support of its Mexican parent company, Vista continues exposed to the Argentine regulatory framework and the volatility of the price of crude oil.
YPF
Finally, YPFcontrolled by the Argentine State, maintains its leadership in the energy sector, with a solid generation of cash flow and significant reserves. The oil company plans investments for between US $ 5,000 YU $ S5.2 billion in 2025, with focus on the development of Muerta Vaca and Liquefied Natural Gas exports (LNG). Your credit profile, however, COntinúa conditioned by its high debt in foreign currency, its dependence on the domestic market and its close relationship with the national government.
Source: Ambito
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