S&P: Buenos Aires view positive

Standard & Poor's said it revised its outlook on its ratings on the City of Buenos Aires, Republic of Argentina, to positive from stable.

The agency said it also affirmed its B long-term foreign and local currency credit ratings on the city, adding that should the positive outlook result in a rating upgrade, S&P's long-term ratings on the City of Buenos Aires would be raised to one notch above the B long-term sovereign credit rating on the Republic of Argentina.

S&P noted that the positive outlook is supported by the city's solid economic and fiscal performance in recent years and its increased capacity to service its large upcoming amortizations.

However, growing pressures for salary increases will continue to test the ability of the authorities to maintain a solid fiscal position in 2006 and 2007, the agency added.

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