Buenos Aires City, July 27, 2015 -- Moody's Latin America (Moody's) assigned B1 global scale and Aaa.ar national scale ratings to Carboclor S.A (Carboclor)'s proposed ARS 95 million senior unsecured notes. The proposed notes will benefit from the guarantee of Carboclor's indirect holding company, Administración Nacional de Combustibles, Alcohol y Portland (ANCAP), rated B1 stable. Simultaneously, Moody's downgraded Carboclor's Corporate Family Ratings to Caa1 and Baa3.ar from B3 and A3.ar. The outlook for all ratings is stable. The Caa1 and B1 ratings are historically associated with a default probability, over a 3-year horizon, of 23.8% and 10.6%, respectively.

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