New ratings hit for Argentina firms

Ratings drop: Hit Argentina firms in wake of political turmoil

Reuters/Scanpix

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Kathrine Schmidt

 23 March 2012 15:17 GMT

Moody's Investor Services on Thursday downgraded the ratings of several oil and gas companies in Argentina, citing rising government interference in the industry and highly unpredictable policies.

Moody's downgraded various kinds of ratings for Pan American Energy, Petrobras Argentina, which is the local unit of Brazil's Petroleo Brasileiro, and Petersen Energia, Dow Jones reported.

YPF is majority controlled by Spain's Repsol.

"The rating actions reflect increased overall Argentine country risk for these companies," Moody's said according to the news wire. "The Argentine government has a history of interference in the oil and gas sector and has taken a number of actions recently that demonstrate both increased interference in the sector, as well as a high level of unpredictability."

Moody's said recent government decisions, such as…

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