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ARGENTINA: MOODY'S ASSIGNS B2.AR RATING TO PROVINCE OF CHUBUT.

IPR Strategic Business Information Database, May, 2004

Moody's Latin America S.A. has assigned B2.ar (Argentina National Scale) and Caa2 (Global Scale, Local Currency) issuer ratings to the Province of Chubut. Moody's also assigned B1.ar (Argentina National Scale) and Caa2 (Global Scale, Local Currency) ratings to the Province's Co--participation Tax Revenue Secured Notes initially denominated in dollars and issued in three series (June 1997).

The outlook on the ratings is stable. Currently (as of 03/31/04), there is Ps 2.8 million of notes outstanding following forced conversion of dollar-denominated debt to pesos at a rate of 1,4 pesos to the dollar. The original issue amount was US$ 15.101.071. The ratings reflect ongoing difficult economic, financial and social conditions in the Province and nationwide,...

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