Moody's affirms Fogaba

Moody's Latin America said it has affirmed Fondo de Garantías Buenos Aires' B3 global local-currency insurance financial strength rating and upgraded to A3.ar from Baa1.ar its insurer financial strength rating on Argentina's national-scale.

Both ratings carry a stable outlook.

The agency noted that the company is sponsored by the Province of Buenos Aires to ease access to bank loans and other types of financing and to foster greater economic activity for small and medium-sized companies domiciled in this important province of Argentina.

Moody's explained that the affirmation of Fogaba's GLC rating reflects not only its overall stable business and financial profile but also the relatively stable situation of its main shareholder - the Province of Buenos Aires (Moody's long-term issuer rating at B3 and A3.ar), which owns about 78% of the company.

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