Moody’s rates Ciudad notes B3/Baa1.ar

Moody's Latin America said it assigned a B3 global local currency senior unsecured debt rating and a Baa1.ar Argentina national scale senior debt rating to Banco de la Ciudad de Buenos Aires SA (Ciudad)'s class IX and class X senior unsecured debt issuances.

The notes will be due 2020 and 2024, respectively, and will be issued under Ciudad's existing multi-currency senior unsecured program of $500 million, and up to ARS 1 billion total issued amount.

The outlook is stable.

Moody’s said the B3 rating incorporates Argentina's operating environment, which remains challenging despite the country's recent return to global capital markets and various other market-friendly policy reforms implemented in recent months by the new administration. The rating acknowledges Ciudad's traditional retail-banking franchise in the city of Buenos Aires, experienced management team, and strong financial fundamentals.

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