S&P affirms Mendoza

Standard & Poor's said it affirmed its B+ long-term issuer credit ratings on the Province of Mendoza, Republic of Argentina (B+/stable/B sovereign credit ratings).

The outlook remains stable.

The agency said it also affirmed its B+ senior unsecured debt rating on the province's $211.6 million 5.5% global bond issuance maturing in 2018.

The province's ratings are supported by a strong economic recovery, with average growth rates above those of the country as a whole and a solid management team, with administrative practices that include fiscal policies to control evasion and improve expenditure efficiency, the agency noted.

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