Fitch affirms Buenos Aires

Fitch Ratings said it affirmed the city of Buenos Aires' B long-term foreign-currency debt rating, including its euro medium-term note program of $1.4 billion, and the B long-term local-currency debt rating.

The outlook remains stable.

The city's international ratings are limited by Argentina's sovereign rating, Fitch said.

The ratings reflect the city's high budget flexibility, strong local revenues and adequate fiscal performance, the agency said.

The ratings also consider salary pressures that could affect the city's operating margin, high proportion of debt in foreign-currency and financial pressure in relation to the infrastructure investment program of the city, Fitch said.

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