Mastellone Hermanos receives credit upgrade amid Arcor and Danone takeover

Mastellone Hermanos S.A., a leader in the Argentine dairy sector, has seen its credit ratings upgraded by Moody’s Argentina to AA.ar for long-term local and foreign currency obligations. This upgrade follows a change in shareholding structure and reduced leverage, as the company is now controlled by Arcor and the Argentine subsidiary of Danone.

The restructuring includes the formal operation of a dairy joint venture, La Serenísima Unida S.A., which integrates the operations of Mastellone, Danone, and Logística La Serenísima. This entity manages eleven production plants and a major refrigerated food distribution network. Capital injections totaling $100 million were made by Bagley (controlled by Arcor) and La Serenísima Unida S.A. to reduce financial debt.

Despite the credit upgrade and improved financial flexibility, Mastellone reported a loss of $4,791 million for the first half of 2026. The company experienced a 6.7% real decline in total revenue, driven primarily by a 10.3% drop in domestic sales within the Argentine market. However, export revenues grew by 10.5%, increasing the share of international income from 16% to 19% of total revenue.