Moody's downgrades Carboclor's ratings to C on reorganization filing
Buenos Aires City, January 03, 2017-- Moody's Latin America Agente de Calificación de Riesgo S.A. downgraded Carboclor S.A.' s Corporate Family Rating to C/C. ar from Caa1/Ba2. ar. This action follows Carboclor's announcement that it had voluntarily filed at the Argentine legal court to start a reorganization proceeding, known in the country as "Concurso Preventivo", under local bankruptcy law called "Ley de Concursos y Quiebras 24.522", which is similar to the United States' "Chapter...Carboclor is engaged in the extraction, exploitation and sale of petroleum and petroleum by-products. Co.'s markets includes Brazil, Chile and Uruguay.
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