Moody’s: Ciudad notes Caa1

Moody’s Investors Service said it assigned a Caa1 global scale rating and a Baa1.ar national scale rating to Banco de la Ciudad de Buenos Aires’s (Ciudad) fourth takedown under its senior debt program of $500 million.

The issuance, for up to 500 million in Argentine pesos, will be split into two different classes due in 18 months (class VII) and 36 months (class VIII).

The outlook is positive.

The ratings consider the challenging operating environment in Argentina, characterized by burdensome regulations and large economic imbalances, Moody’s said.

Despite these challenges, Ciudad remains one of the strongest domestically-owned credits in Argentina, the agency said.

It has a well-established franchise given its role as the financial agent of Buenos Aires City and has an experienced management team, healthy capitalization and liquidity and recurrent earnings-generation capacity, Moody’s said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.