S&P: Buenos Aires notes B-

S&P said it assigned a B- rating on the City of Buenos Aires’ senior unsecured notes for up to $890 million.

The amortizing notes will be denominated in dollars and the proceeds will be used for the city’s ambitious infrastructure plans and to refinance its debt, the agency said.

This new debt is not considered harmful to the city’s financial profile, S&P said.

The city’s low debt, despite significant exposure to the exchange-rate risk, will continue to support the city’s credit profile, the agency said.

The city’s B- foreign-currency rating is one notch below its B stand-alone credit profile, S&P said.

The stable outlook mirrors the stable outlook on Argentina’s sovereign local-currency rating, the agency said.

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