S&P lowers Cordoba, Medoza

Standard & Poor's said it lowered the local-currency global scale ratings on the provinces of Cordoba, Buenos Aires, and Mendoza to CCC+ from B- and removed them from CreditWatch negative.

The outlook is negative.

The agency also said it affirmed the B- local-currency global scale rating on the city of Buenos Aires and removed it from CreditWatch negative. Its outlook also is negative.

These actions follow the Sept. 10 downgrade of Argentina to CCC+ from B- and the subsequent assessment of characteristics of each local regional government and their capacities to withstand a sovereign scenario of default, said Delfina Cavanagh, an S&P analyst.

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