Moody’s: Santa Fe notes B3

Moody’s Investors Service said it assigned a global scale foreign-currency B3 debt rating to the planned senior unsecured notes to be issued by the Province of Santa Fe for up to $250 million.

This rating is in line with the province’s long-term foreign-currency issuer rating and stable outlook.

The planned issuance has been authorized by law and mandated by the governor, Moody’s said.

The proceeds will be used to fund public infrastructure works, the agency explained.

The notes will constitute direct, general, unconditional and unsubordinated obligations of the province and will be denominated and payable in U.S. dollars, Moody’s said.

The planned notes will have a maximum tenure of 12 years and will pay fixed interest rate on a semi-annual basis, the agency said.

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