Moody's rates Ciudad issues B2

Moody's Investors Service said it assigned a B2 global local-currency senior unsecured debt rating and an A1.ar Argentinean national scale senior debt rating to Banco de la Ciudad de Buenos Aires's (Ciudad) class XVII UVA-denominated note due in 2020 and class XVIII floating-rate senior unsecured notes due 2019.

The notes will be issued under Ciudad's existing multi-currency senior unsecured program of $1.5 billion, Moody's said.

The notes will be issued for up to a combined amount of 3 billion in Argentine pesos.

The outlook is stable.

The ratings, which are equal to the highest ratings assigned to any domestically owned Argentine bank, reflect its good capitalization levels and strong asset risk and liquidity metrics, Moody's said.

These credit strengths are offset by risks associated with Argentina's ongoing economic and political turmoil, which is likely to put pressure on the bank's financial fundamentals in the coming quarters, the agency said.

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