Moody’s rates Buenos Aires notes B3

Moody’s Investors Service said it assigned a foreign-currency national scale Baa3.ar rating to two new senior unsecured bonds to be issued by the Province of Buenos Aires for a combined amount of $1 billion due in 2019 and 2027.

Moody’s also said it assigned a global scale foreign-currency B3 rating to the notes.

The ratings are in line with the province’s long-term credit quality as reflected in the Baa3.ar issuer rating in foreign-currency on the national scale, the agency said.

Buenos Aires will use the proceeds to fund infrastructure and social projects, Moody’s said, and refinance outstanding debt obligations to improve its debt maturity profile.

The rated bonds constitute direct, general, unconditional and unsubordinated obligations of the province, the agency said.

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