Featured News: Risk Rating

Moody’s Ratings upgrades the ratings of eight Argentinean non-financial companies

Raghsa S.A.
Raghsa S.A.’s B2 ratings are mainly supported by its high-quality assets; high occupancy rates; and healthy tenant base. The ratings reflect Raghsa’s moderate leverage for the rating category compared with its high-quality assets, which are mostly unencumbered, divisible and marketable, which support its liquidity sources. Raghsa owns four office buildings, accounting for around 115
thousand square meters of leasable area as of Q1 ended May 2025, with an average of 98% occupancy. In addition, Raghsa owns land bank in Buenos Aires; a parking space property and a luxury residential building in New York City.
Raghsa’s credit profile is also supported by its very good liquidity. Cash and marketable securities are mainly denominated in US dollars and amounted to $123 million as of 31 May 2025, with a cash to total debt ratio at 42%, and no significant debt maturities until 2027.
Raghsa’s ratings are mainly constrained by its smaller size compared to global peers, portfolio concentration in Buenos Aires, family ownership without independent board members, and exposure to foreign exchange risk.
The company’s stable outlook reflects the company’s good credit metrics for its rating category and very good liquidity. However, the company´s creditworthiness cannot be completely linked from the credit quality of Argentina, where it generates the bulk of its revenue, and thus its ratings and outlook also incorporate the risks that it shares with the sovereign, in line with our cross-sector rating methodology, Assessing the Impact of Sovereign Credit Quality on Other Ratings, published in June 2019.