Fitch assigns B to Buenos Aires bonds

Fitch Ratings said it assigned an expected long-term foreign currency rating of B(exp) to the City of Buenos Aires' new bond.

The bond will be issued up to $500 million under a $1.4 billion EMTN program. This is a bullet note denominated in U.S. dollars, to accrue a fixed interest rate to be determined at issuance and payable on a semiannual basis. The maturity of the bond will be defined at placement with a minimum tenor of five years.

Proceeds from the bond will be used for capital expenditure financing and the repayment of debt.

The outlook is stable.

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