Moody's lifts Buenos Aires

Moody's Investors Service said it upgraded to B3 from Caa1 the foreign currency debt rating of the City of Buenos Aires following a similar upgrade of Argentina's foreign-currency country ceiling for bonds and notes.

Moody's said it also assigned a rating of A3(ar) to the city's foreign currency debt.

The city's foreign currency debt rating is constrained by Argentina's foreign-currency country ceiling, Moody's noted.

Moody's said it previously upgraded the domestic currency debt ratings of the City of Buenos Aires to B1, based on the City's continuing economic and fiscal recovery, and budget practices that contribute to financial flexibility.

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