Moody’s assigns Mendoza notes Ca

Moody’s Investors Service said it assigned a Ca debt rating to the $590 million senior unsecured notes due 2029 issued by the province of Mendoza in exchange for its $590 million senior unsecured notes due 2024. Moody’s also affirmed the Ca domestic- and foreign-currency issuer ratings.

“The assignment of a Ca rating to the new $590 million 2029 notes reflects Moody’s expectation that risk to the bondholders of potential losses remains consistent with the 35%-65% range associated with Mendoza’s Ca issuer rating despite the recent debt restructuring undertaken by the province,” the agency said in a press release.

The outlook remains stable.

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