Moody’s rates ICBC Argentina debt Ba3/Aar.ar

Moody's Latin America said it assigned a Ba3 global local currency senior unsecured debt rating and an Aaa.ar Argentina national scale senior debt rating to Industrial and Commercial Bank of China (Argentina) SA’s (ICBC Argentina) class VII issuance.

The notes will be due 2018 and will be issued under ICBC Argentina's existing multi-currency senior unsecured program of $250 million, and up to ARS 700 million issued amount.

The outlook is stable.

Moody’s said the Ba3 rating incorporates Argentina's operating environment, which remains challenging despite the country's recent return to global capital markets and various other market-friendly policy reforms implemented in recent months by the new administration.

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