Moody's rates Ciudad notes B2

Moody's Investors Service said it assigned a B2 global local-currency senior unsecured debt rating and an A1.ar in Argentinean national scale senior debt rating to Banco de la Ciudad de Buenos Aires' XIX and XX classes peso-denominated floating-rate senior unsecured notes.

The notes will be due November 2019 and August 2020 and will be issued under Ciudad's existing multi-currency senior unsecured program of $1.5 billion.

The outlook is stable.

The ratings are equal to the highest ratings assigned to any domestically-owned Argentine bank, reflecting 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 weakness, which may pressure Ciudad's financial performance in the coming quarters, the agency said.

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