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S&P assigns CCC- to Buenos Aires notes
Standard & Poor’s said it assigned its CCC- issue-level rating to the city of Buenos Aires’ (CCC-/negative/--) proposed up to $500 million senior unsecured notes.
The amortizing notes, pursuant to the city of Buenos Aires’ medium-term note program (series 11), will mature in 2021 and will be denominated in dollars.
The proceeds of the note issuance will be used to pay off the city’s $475 million notes due April 6, 2015.
The foreign currency rating on the city of Buenos Aires reflects S&P’s CCC- transfer and convertibility risk assessment for the country.
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