Overview

Credit Scores and Fundamentals

Relative Value Outlook

Relative Value Map

Methodology

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Argentina: Corporate Credit Outlook

Guido Schiavi

Maturity profile of outstanding corporate bonds for Argentine issuers, with principal falling due in successive windows out to beyond thirty-six months, denominated in US dollars and with local-currency instruments carried at face value. Compiled by Alphacast from Bolsas y Mercados Argentinos data. Amounts are aggregated in US dollars, so the profile is representative only for issuers whose market debt is predominantly dollar-denominated. The table is a snapshot rewritten in full on each update and does not accumulate history.

Variables are the four maturity windows and the total they sum to, the local-currency leg at face value, the currency mix of each issuer's market debt, a flag marking when the dollar profile is representative, and two measures that set the next twelve months of maturities against the issuer's balance sheet: the wall expressed in years of operating earnings, and the share of it covered by cash.

Credit Fundamentals - Maturity Wall

This repository includes the price, volume, cashflows and metadata of Argentinian Fixed instruments assets

Alphacast Argentina Fixed Income Data

Quarterly credit scores and financial ratios for Argentine non-financial corporates, expressed as a score from 0 to 100 with its corresponding decile, alongside leverage, coverage and liquidity ratios stated as multiples. Compiled by Alphacast from Comisión Nacional de Valores filings. The score is relative rather than absolute: each ratio is ranked as a percentile against the company's own peer group over a rolling four-year window before being weighted, so a given score places the company among comparable issuers at that point in time. Revenue and earnings levels are carried in the units of each filing, which the source does not declare, so they track a single company over time but are not comparable across companies; the ratios are unaffected.

Variables fall into four groups: the score with its decile and the peer pool it was ranked against; the four ratios that feed it, covering leverage, interest coverage and two measures of liquidity; further balance-sheet ratios and trailing-twelve-month revenue and operating earnings kept as context; and a set of flags stating what each figure rests on, chiefly whether the score was built on two of the three components, whether financial cost is inflated by currency effects, and whether a ratio was deliberately left empty because its denominator was immaterial.

Credit Fundamentals - Scorecard

Comparison of market-implied credit risk against balance-sheet credit risk for Argentine corporate bond issuers, expressed as percentile ranks from 0 to 100 and the gap between them, which runs from -100 to +100 and is positive when the market prices more risk than the financial statements show. Compiled by Alphacast. Both ranks are computed within a peer pool that falls back from subsector to sector to the full universe depending on how many issuers are available, so the values are relative to that pool rather than absolute. The table is a snapshot rewritten in full on each update and does not accumulate history.

Variables cover the market reading, given as the issuer's median spread over the sovereign curve and the modified duration of its bonds, and the balance-sheet reading carried over from the scorecard, chiefly the credit decile. Around them sit the two percentile ranks and their gap, the peer pool used and its size, a second gap recomputed as of the last filing date together with the drift since, and bond counts showing how many of the issuer's live instruments had a computable spread.

Argentina: Corporate Credit Outlook

Sources

Credit Fundamentals - Maturity WallAlphacast Argentina Fixed Income Data

Credit Fundamentals - ScorecardAlphacast Argentina Fixed Income Data

Credit Fundamentals - Relative ValueAlphacast Argentina Fixed Income Data