Moody's ups Buenos Aires

Moody's Investors Service said it raised its global scale rating to B1 from B2 and its Argentina national scale rating to Aa2.ar from A1.ar on the local currency debt of the City of Buenos Aires.

The city's foreign currency debt is rated Caa1, consistent with Argentina's foreign currency country ceiling.

The outlook is stable.

Moody's said the rating upgrade is based on the city's continuing economic and fiscal recovery from severe problems experienced earlier in the decade, and budget practices that contribute to financial flexibility.

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