S&P assigns Buenos Aires bond raAA-

Standard & Poor's said it assigned its raAA- senior unsecured debt rating to the Province of Buenos Aires's (PBA) $400 million bond issue, which matures on April 18, 2028.

On Feb. 27, S&P said it had assigned its B+ rating to this bond and affirmed its B+ long-term foreign and local currency issuer credit ratings on the province.

The agency said that Buenos Aires had postponed the issuance because of volatility in international markets as well as the departure of PBA Minister of the Economy Gerardo Otero on March 5 and that under more favorable circumstances, the province will issue the new $400 million of senior unsecured debt on April 18.

The ratings on the province continue to be supported by a diversified economic base that is an estimated 36% of Argentina's (B+/stable/B sovereign credit rating and raAA/stable national-scale rating) GDP and constitutes a key driver of the country's recent and continuing economic growth, which was an estimated 8.5% in 2006, the agency noted.

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