S&P rates La Rioja notes B-

S&P said it assigned its B- issue-level rating to the up to $200 million of notes to be issued by the Argentina province of La Rioja (B-/stable/--).

The amortizing notes will be denominated in U.S. dollars, and the province intends to use a majority of the proceeds to finance the development of wind energy projects run by its state-majority-owned corporation (Sapem) Parque Arauco, and the remainder to finance public-works projects.

“We don't believe the new debt will hurt the province's financial profile,” S&P said in a news release.

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