Moody's rates Mendoza B2

Moody's Latin America said it assigned local currency issuer ratings of B2 (global scale) and Aa3.ar (Argentina national scale) to the Municipality of Mendoza, Argentina.

The outlook for the municipality is stable.

Moody's said the assigned ratings reflect the municipality's solid trend of positive gross operating balances, low debt-to-revenue levels, and a strong liquidity position.

These credit positives are partially offset by the recording of volatile cash financing results driven by relatively large capital expenditures. The ratings are further constrained by the challenging operating environment in Argentina (government bond rating B3 stable outlook), the agency said.

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