Fitch rates Santa Fe bond B

Fitch Ratings said it assigned an expected long-term foreign-currency rating of B to the Province of Santa Fe, Argentina's upcoming senior unsecured bond issuance.

The bond is rated at the same level as Santa Fe’s other ratings.

Both ratings are capped by Argentina's country ceiling, the agency said.

The notes will be issued in U.S. dollars for an amount of up to $250 million to accrue a fixed interest rate to be determined at issuance and payable on a semi-annual basis, Fitch said.

The estimated final maturity of the bond is six years with two annual amortizations starting in March 2022, the agency said.

The notes will be senior obligations of the province, Fitch said.

The ratings reflect its low leverage despite recent issuances when compared to peers, as well as its solid and stable revenue system, the agency said.

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