S&P gives Buenos Aires notes B+, raAA

Standard & Poor's said it assigned its B+ foreign currency and raAA national-scale ratings to $250 million in senior unsecured notes due 2018 proposed by the City of Buenos Aires (global-scale B+/stable, national scale raAA/stable).

The bonds are to be issued in the local market, denominated in dollars and payable in local currency, the agency said, adding that the proceeds will be used for social and infrastructure development in Buenos Aires.

The notes represent the City of Buenos Aires' first issuance in the capital markets since it restructured its debt in 2003, S&P said, noting that the issue will be the first series under the city's extended medium-term notes program currently in place but the sixth overall.

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