Moody’s rates Buenos Aires notes Caa2

Moody's Investors Service said it assigned a Caa2/B1.ar global scale foreign currency rating to the 9 1/8% senior unsecured notes to be issued by the Province of Buenos Aires for $1.25 million.

The rating is in line with the province's long term foreign currency issuer rating, which carry a positive outlook.

Buenos Aires will use the proceeds to fund infrastructure and/or social projects, to honor and/or refinance debts services and to improve its debt maturity profile.

The assigned debt ratings reflect Moody's view that the willingness and capacity of the province to honor these notes is in line with the provincial's long-term credit quality as reflected in the Caa2 issuer rating in foreign currency and global scale.

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