One of the rare survivors of the Argentine cross-border universe, a 10-year issue from foodstuffs company Molinos Rio de la Plata via Citibank, has still faced its fair share of blows over the last few years. Fitch Ratings took their local currency rating down in increments to B-' from BBB-' and the originator has fallen prey to the global aversion to any kind of Argentine paper.
Led by Citibank in 1996, the Molinos deal amounted to US$150 million. Standard & Poor's rates the transaction raBBB' on the national scale and does not assess it on any other scale. This might have reflected a heavy reliance on Argentine investors at the time of issuance.