Moody's rates Buenos Aires program B3, A3.ar

Moody's Latin America said it assigned local and foreign currency ratings of B3 global-scale and A3.ar to the Province of Buenos Aires' short-term Treasury note program.

The ratings are in line with the province's issuer ratings, the agency said, adding that the short-term Treasury note program has been authorized by the province's 2010 Budget Law.

The treasury notes, which will be backed by transfers from the Government of Argentina (B3, stable) under a tax-sharing agreement and sold under a Dutch auction scheme, will mature within a period of 365 days, Moody's said.

"The assigned ratings reflect Moody's view that the willingness and capacity of the Province of Buenos Aires to honor short-term treasury notes is in line with the province's long-term credit quality as captured in the B3/A3.ar issuer ratings." said Moody's associate analyst Patricio Esnaola.

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