Buenos Aires City, December 23, 2014 -- Moody's Latin America Agente de Calificación de Riesgo has placed the Baa2/Aaa.ar ratings on Petrobras Argentina S.A.'s (Petrobras Argentina) USD300 million in guaranteed Series S notes (CUSIP 71646JAB5) on review for possible downgrade. The rating action reflects Moody's Investors Service's rating action of placing Petrobras S.A.'s (Petrobras) Baa2 global foreign currency and local currency debt ratings on review for possible downgrade on December 23, 2014.

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