S&P rates Buenos Aires bond B

Standard & Poor's said it assigned a B long-term foreign-currency issue credit rating to the proposed $750 million senior unsecured bond due in 2021 that the Province of Buenos Aires plans to issue.

The recovery rating on Buenos Aires's unsecured debt is 3, indicating 50% to 70% expected recovery in a default.

Buenos Aires continues to have high fiscal deficits, S&P said.

For 2010, the agency said it expects a deficit of close to 10% of total revenue, despite economic activity strongly enhancing provincial revenues.

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