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Vinculos SGR -- Moody’s withdraws Vinculos SGR Caa3/Caa2.ar IFS ratings

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<p style="position:absolute;top:162px;left:108px;white-space:nowrap" class="ft00"><b>Rating Action:&#160;</b></p>

<p style="position:absolute;top:162px;left:252px;white-space:nowrap" class="ft01"><b>Moody’s withdraws Vinculos SGR Caa3/Caa2.ar IFS</b></p>

<p style="position:absolute;top:186px;left:108px;white-space:nowrap" class="ft01"><b>ratings</b></p>

<p style="position:absolute;top:233px;left:108px;white-space:nowrap" class="ft02"><b>28 August 2020</b></p>

<p style="position:absolute;top:260px;left:108px;white-space:nowrap" class="ft03">Buenos Aires City, August 28, 2020 – Moody's Latin America Agente de Calificación de Riesgo,</p>

<p style="position:absolute;top:279px;left:108px;white-space:nowrap" class="ft03">S.A. (”Moody's) has withdrawn the Caa3 global local currency and Caa2.ar Argentine national scale</p>

<p style="position:absolute;top:299px;left:108px;white-space:nowrap" class="ft03">insurance financial strength ratings of Vinculos SGR. At the time of the withdrawal, the ratings</p>

<p style="position:absolute;top:318px;left:108px;white-space:nowrap" class="ft05">carried a negative outlook.<br/>RATINGS RATIONALE<br/>Moody's has withdrawn the ratings in accordance with local regulatory requirements following the</p>

<p style="position:absolute;top:400px;left:108px;white-space:nowrap" class="ft03">termination of the rating agreement at the request of the issuer. Please refer to the Moody's Latin</p>

<p style="position:absolute;top:419px;left:108px;white-space:nowrap" class="ft03">America Agente de Calificación de Riesgo Policy for Withdrawal of Credit Ratings, available on its</p>

<p style="position:absolute;top:439px;left:108px;white-space:nowrap" class="ft06">website, www.moodys.com.ar.<br/>Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness</p>

<p style="position:absolute;top:489px;left:108px;white-space:nowrap" class="ft03">among debt issues and issuers within a country, enabling market participants to better differentiate</p>

<p style="position:absolute;top:508px;left:108px;white-space:nowrap" class="ft03">relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally</p>

<p style="position:absolute;top:528px;left:108px;white-space:nowrap" class="ft03">comparable with the full universe of Moody's rated entities, but only with NSRs for other rated</p>

<p style="position:absolute;top:547px;left:108px;white-space:nowrap" class="ft03">debt issues and issuers within the same country. NSRs are designated by a “.nn” country modifier</p>

<p style="position:absolute;top:567px;left:108px;white-space:nowrap" class="ft03">signifying the relevant country, as in “.za” for South Africa. For further information on Moody's</p>

<p style="position:absolute;top:586px;left:108px;white-space:nowrap" class="ft03">approach to national scale credit ratings, please refer to Moody's Credit rating Methodology</p>

<p style="position:absolute;top:606px;left:108px;white-space:nowrap" class="ft03">published in May 2016 entitled “Mapping National Scale Ratings from Global Scale Ratings”. While</p>

<p style="position:absolute;top:625px;left:108px;white-space:nowrap" class="ft03">NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical</p>

<p style="position:absolute;top:645px;left:108px;white-space:nowrap" class="ft03">probability of default consistent with a given NSR can be inferred from the GSR to which it maps</p>

<p style="position:absolute;top:664px;left:108px;white-space:nowrap" class="ft03">back at that particular point in time. For information on the historical default rates associated with</p>

<p style="position:absolute;top:684px;left:108px;white-space:nowrap" class="ft03">different global scale rating categories over different investment horizons, please see&#160;</p>

<p style="position:absolute;top:684px;left:702px;white-space:nowrap" class="ft04">https://</p>

<p style="position:absolute;top:703px;left:108px;white-space:nowrap" class="ft04">www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1216309.</p>

<p style="position:absolute;top:734px;left:108px;white-space:nowrap" class="ft05">REGULATORY DISCLOSURES<br/>For any affected securities or rated entities receiving direct credit support from the primary entity(ies)</p>

<p style="position:absolute;top:785px;left:108px;white-space:nowrap" class="ft03">of this credit rating action, and whose ratings may change as a result of this credit rating action, the</p>

<p style="position:absolute;top:804px;left:108px;white-space:nowrap" class="ft03">associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach</p>

<p style="position:absolute;top:824px;left:108px;white-space:nowrap" class="ft03">exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated</p>

<p style="position:absolute;top:843px;left:108px;white-space:nowrap" class="ft06">entity, Disclosure from rated entity.<br/>Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the</p>

<p style="position:absolute;top:893px;left:108px;white-space:nowrap" class="ft06">related rating outlook or rating review.<br/>For issuers domiciled in Argentina, the regulatory report related to this rating action is available on</p>

<p style="position:absolute;top:943px;left:108px;white-space:nowrap" class="ft06">www.moodys.com.ar.<br/>Moody’s Latin America Agente de Calificación de Riesgo’s general principles for assessing</p>

<p style="position:absolute;top:993px;left:108px;white-space:nowrap" class="ft03">environmental, social and governance (ESG) risks in our credit analysis can be found in the</p>

<p style="position:absolute;top:1012px;left:108px;white-space:nowrap" class="ft03">principal Rating Procedure Manual(s) used in the credit rating action(s) announced and described</p>

<p style="position:absolute;top:1032px;left:108px;white-space:nowrap" class="ft03">above. These general principles are consistent with those employed for assessing ESG risks in</p>

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<p style="position:absolute;top:114px;left:108px;white-space:nowrap" class="ft03">the assignment of ratings of similar securities or entities by other affiliates of Moody’s in other</p>

<p style="position:absolute;top:133px;left:108px;white-space:nowrap" class="ft03">jurisdictions, as described at&#160;</p>

<p style="position:absolute;top:133px;left:310px;white-space:nowrap" class="ft04">https://www.moodys.com/researchdocumentcontentpage.aspx?</p>

<p style="position:absolute;top:153px;left:108px;white-space:nowrap" class="ft04">docid=PBC_1133569</p>

<p style="position:absolute;top:153px;left:256px;white-space:nowrap" class="ft03">.</p>

<p style="position:absolute;top:183px;left:108px;white-space:nowrap" class="ft03">Please see www.moodys.com.ar for any updates on changes to the lead rating analyst and to the</p>

<p style="position:absolute;top:202px;left:108px;white-space:nowrap" class="ft06">Moody's legal entity that has issued the rating.<br/>Please see the ratings tab on the issuer/entity page on www.moodys.com.ar for additional regulatory</p>

<p style="position:absolute;top:252px;left:108px;white-space:nowrap" class="ft06">disclosures for each credit rating.<br/>Marcelo De Gruttola</p>

<p style="position:absolute;top:302px;left:108px;white-space:nowrap" class="ft03">AVP-Analyst</p>

<p style="position:absolute;top:321px;left:108px;white-space:nowrap" class="ft03">Financial Institutions Group</p>

<p style="position:absolute;top:341px;left:108px;white-space:nowrap" class="ft03">JOURNALISTS: 1 <PhoneNo>800 666 3506</PhoneNo></p>

<p style="position:absolute;top:360px;left:108px;white-space:nowrap" class="ft06">Client Service: 1 <PhoneNo>212 553 1653</PhoneNo><br/>Diego Nemirovsky</p>

<p style="position:absolute;top:410px;left:108px;white-space:nowrap" class="ft03">VP-Sr Credit Officer</p>

<p style="position:absolute;top:430px;left:108px;white-space:nowrap" class="ft03">Financial Institutions Group</p>

<p style="position:absolute;top:449px;left:108px;white-space:nowrap" class="ft03">JOURNALISTS: 1 <PhoneNo>800 666 3506</PhoneNo></p>

<p style="position:absolute;top:469px;left:108px;white-space:nowrap" class="ft06">Client Service: 1 <PhoneNo>212 553 1653</PhoneNo><br/>Releasing Office:</p>

<p style="position:absolute;top:519px;left:108px;white-space:nowrap" class="ft03">Moody's Latin America ACR</p>

<p style="position:absolute;top:538px;left:108px;white-space:nowrap" class="ft03">Ing. Butty 240</p>

<p style="position:absolute;top:558px;left:108px;white-space:nowrap" class="ft03">16th Floor</p>

<p style="position:absolute;top:577px;left:108px;white-space:nowrap" class="ft03">Buenos Aires City, C1001AFB</p>

<p style="position:absolute;top:597px;left:108px;white-space:nowrap" class="ft03">Argentina</p>

<p style="position:absolute;top:616px;left:108px;white-space:nowrap" class="ft03">JOURNALISTS: 1 <PhoneNo>800 666 3506</PhoneNo></p>

<p style="position:absolute;top:636px;left:108px;white-space:nowrap" class="ft03">Client Service: 1 <PhoneNo>212 553 1653</PhoneNo></p>

<p style="position:absolute;top:732px;left:108px;white-space:nowrap" class="ft03">© 2020 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their</p>

<p style="position:absolute;top:751px;left:108px;white-space:nowrap" class="ft07">licensors and affiliates (collectively, “MOODY’S”). All rights reserved.<br/>CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT</p>

<p style="position:absolute;top:794px;left:108px;white-space:nowrap" class="ft03">RATINGS AFFILIATES ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE</p>

<p style="position:absolute;top:813px;left:108px;white-space:nowrap" class="ft03">CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES,</p>

<p style="position:absolute;top:833px;left:108px;white-space:nowrap" class="ft03">AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S</p>

<p style="position:absolute;top:852px;left:108px;white-space:nowrap" class="ft03">(COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S</p>

<p style="position:absolute;top:872px;left:108px;white-space:nowrap" class="ft03">INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT</p>

<p style="position:absolute;top:891px;left:108px;white-space:nowrap" class="ft03">MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY</p>

<p style="position:absolute;top:911px;left:108px;white-space:nowrap" class="ft03">ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S</p>

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<p style="position:absolute;top:969px;left:108px;white-space:nowrap" class="ft03">SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK,</p>

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<p style="position:absolute;top:1008px;left:108px;white-space:nowrap" class="ft03">VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER</p>

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<p style="position:absolute;top:1047px;left:108px;white-space:nowrap" class="ft03">OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE</p>

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<p style="position:absolute;top:172px;left:108px;white-space:nowrap" class="ft07">any such information.<br/>NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS,</p>

<p style="position:absolute;top:215px;left:108px;white-space:nowrap" class="ft03">COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF</p>

<p style="position:absolute;top:234px;left:108px;white-space:nowrap" class="ft03">ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE</p>

<p style="position:absolute;top:254px;left:108px;white-space:nowrap" class="ft07">BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.<br/>Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s</p>

<p style="position:absolute;top:296px;left:108px;white-space:nowrap" class="ft03">Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and</p>

<p style="position:absolute;top:316px;left:108px;white-space:nowrap" class="ft03">municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s</p>

<p style="position:absolute;top:335px;left:108px;white-space:nowrap" class="ft03">Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s</p>

<p style="position:absolute;top:355px;left:108px;white-space:nowrap" class="ft03">Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from</p>

<p style="position:absolute;top:374px;left:108px;white-space:nowrap" class="ft03">$1,000 to approximately $2,700,000. MCO and Moody’s investors Service also maintain policies</p>

<p style="position:absolute;top:394px;left:108px;white-space:nowrap" class="ft03">and procedures to address the independence of Moody’s Investors Service credit ratings and credit</p>

<p style="position:absolute;top:413px;left:108px;white-space:nowrap" class="ft03">rating processes. Information regarding certain affiliations that may exist between directors of MCO</p>

<p style="position:absolute;top:433px;left:108px;white-space:nowrap" class="ft03">and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and</p>

<p style="position:absolute;top:452px;left:108px;white-space:nowrap" class="ft03">have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted</p>

<p style="position:absolute;top:472px;left:108px;white-space:nowrap" class="ft03">annually at&#160;</p>

<p style="position:absolute;top:472px;left:188px;white-space:nowrap" class="ft04">www.moodys.com</p>

<p style="position:absolute;top:472px;left:315px;white-space:nowrap" class="ft03">&#160;under the heading “Investor Relations — Corporate Governance —</p>

<p style="position:absolute;top:491px;left:108px;white-space:nowrap" class="ft07">Director and Shareholder Affiliation Policy.”<br/>Additional terms for Australia only: Any publication into Australia of this document is pursuant to the</p>

<p style="position:absolute;top:534px;left:108px;white-space:nowrap" class="ft03">Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited</p>

<p style="position:absolute;top:553px;left:108px;white-space:nowrap" class="ft03">ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136</p>

<p style="position:absolute;top:573px;left:108px;white-space:nowrap" class="ft03">972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale</p>

<p style="position:absolute;top:592px;left:108px;white-space:nowrap" class="ft03">clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access</p>

<p style="position:absolute;top:612px;left:108px;white-space:nowrap" class="ft03">this document from within Australia, you represent to MOODY’S that you are, or are accessing</p>

<p style="position:absolute;top:631px;left:108px;white-space:nowrap" class="ft03">the document as a representative of, a “wholesale client” and that neither you nor the entity you</p>

<p style="position:absolute;top:651px;left:108px;white-space:nowrap" class="ft03">represent will directly or indirectly disseminate this document or its contents to “retail clients” within</p>

<p style="position:absolute;top:670px;left:108px;white-space:nowrap" class="ft03">the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as</p>

<p style="position:absolute;top:690px;left:108px;white-space:nowrap" class="ft03">to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or</p>

<p style="position:absolute;top:709px;left:108px;white-space:nowrap" class="ft07">any form of security that is available to retail investors.<br/>Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency</p>

<p style="position:absolute;top:752px;left:108px;white-space:nowrap" class="ft03">subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc.,</p>

<p style="position:absolute;top:771px;left:108px;white-space:nowrap" class="ft03">a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating</p>

<p style="position:absolute;top:791px;left:108px;white-space:nowrap" class="ft03">agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization</p>

<p style="position:absolute;top:810px;left:108px;white-space:nowrap" class="ft03">(“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-</p>

<p style="position:absolute;top:830px;left:108px;white-space:nowrap" class="ft03">NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated</p>

<p style="position:absolute;top:849px;left:108px;white-space:nowrap" class="ft03">obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit</p>

<p style="position:absolute;top:869px;left:108px;white-space:nowrap" class="ft03">rating agencies registered with the Japan Financial Services Agency and their registration numbers</p>

<p style="position:absolute;top:888px;left:108px;white-space:nowrap" class="ft07">are FSA Commissioner (Ratings) No. 2 and 3 respectively.<br/>MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including</p>

<p style="position:absolute;top:931px;left:108px;white-space:nowrap" class="ft03">corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated</p>

<p style="position:absolute;top:950px;left:108px;white-space:nowrap" class="ft03">by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to</p>

<p style="position:absolute;top:970px;left:108px;white-space:nowrap" class="ft03">MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging</p>

<p style="position:absolute;top:989px;left:108px;white-space:nowrap" class="ft07">from JPY125,000 to approximately JPY250,000,000.<br/>MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory</p>

<p style="position:absolute;top:1032px;left:108px;white-space:nowrap" class="ft03">requirements.</p>

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