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S&P: Buenos Aires notes CCC-
Standard & Poor’s said it assigned a CCC- rating to the province of Buenos Aires’ $500 million dollar-denominated senior unsecured notes due 2021.
The province will use the proceeds to fund health care, education, infrastructure and other projects currently under way or that it plans to carry out during 2015, S&P said.
The proceeds also will be used to improve its debt-maturity profile, the agency said.
The province is facing the maturity of its $1.05 billion 11¾% international bond due Oct. 5, S&P said.
Given the province’s moderate debt level, the agency said it doesn’t believe this issuance will hurt the province’s financial profile.
A deteriorating macroeconomic environment, weak economic growth and high inflation further exacerbate Argentina’s volatile and underfunded intergovernmental institutional framework, which limits Buenos Aires’ creditworthiness, S&P added.
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