S&P rates Cordoba notes B-

S&P said it assigned a B- rating to the Province of Cordoba's unsecured notes for up to $550 million.

The amortizing notes will be denominated in dollars.

The proceeds will be used to fund infrastructure projects and refinance its debt, S&P said.

The agency said it doesn’t view the new debt as harmful to the province's financial profile.

The province has a low debt profile despite its vulnerability to exchange-rate risk, which has increased in 2016, S&P said.

This will continue to support Cordoba's creditworthiness, the agency noted.

Including the new $550 million issuance, S&P said it expects the province's debt stock to reach about 31 billion in Argentine pesos by the end of 2017.

The B- foreign- and local-currency ratings and B- stand-alone credit profile reflect the province’s individual credit profile and the institutional framework that it operates in, the agency said.

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