Buenos Aires City, December 10, 2015 -- Moody's Latin America Agente de Calificación de Riesgo, ("Moody's) downgraded to Ba3 from Ba2 the global scale rating on Petrobras Argentina S.A.'sUSD 300 million in guaranteed Series S notes (CUSIP 71646JAB5); the accompanying Aaa.ar national scale rating to the notes remained unchanged. The rating actions reflect Moody's Investors Service's rating action on December 9, 2015 of downgrading Petróleo Brasileiro S.A.'s (Petrobras, the guarantor) global debt ratings to Ba3 from Ba2. The ratings are on review for downgrade.

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