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Moody’s assigns Argentina bond B3
Moody's Investors Service said it assigned a B3 rating to Argentina’s $1 billion bond maturing on July 6, 2028 and $1.75 billion bond maturing July 6, 2036.
The government's issuer rating is B3 with a stable outlook.
Moody’s said the B3 long-term issuer rating balances Argentina's economic development and government debt metrics with ongoing weaknesses resulting from a history of unsustainable economic policies and limited funding options.
Argentina's economic strength is supported by its $22,299 GDP per capita (2014, PPP basis), significantly higher than the $6,645 median for B-rated sovereigns. And Argentina's $500 billion economy (2015 estimate) is many times larger than the $21 billion peer median.
The agency said it expects a drop in real GDP for 2016 as the government pushes measures to reduce both inflation and the fiscal deficit, but economic growth is likely to return in 2017 bolstered by increased investment.
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