Vinculos SGR -- Moody's Takes Action on Argentine Insurers as Economic Strains Persist

Buenos Aires City, March 19, 2014 -- Moody's Latin America Agente de Calificación de Riesgo has downgraded the ratings of a number of Argentine insurers. These actions follow Moody's 17 March 2014 downgrade of the Argentine government's bond rating to Caa1 with stable outlook from B3 with negative outlook. The deterioration in Argentina's credit profile as captured in the rating downgrade has direct implications for the ratings of insurers, given that it also expresses the increase of systemic risks for all local credits. Specifically, Moody's lowered 14 of the 24 global local currency (GLC) insurance financial strength (IFS) ratings Moody's maintains on Argentine insurers by one notch. It also lowered seven of its 24 national scale (NS) ratings. Of these seven, Moody's lowered five by one notch, one by two notches, and one by five notches. Moody's has affirmed the remaining 10 GLC IFS ratings and 17 NS ratings that it maintains on Argentine insurers. All ratings carry stable outlooks, consistent with the stable outlook on the sovereign rating. See complete list of companies and rating actions below.

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