S&P assigns Buenos Aires bonds B+

Standard & Poor's said it assigned its B+ foreign currency rating and local currency ratings to the Province of Buenos Aires, Argentina (long-term foreign and local currency rating B+/stable).

The outlook is stable.

The agency said it also assigned its B+ senior unsecured debt rating to the upcoming international bonds issuance of the province for up to $300 million maturing in 2018.

S&P noted that the ratings are supported by a diversified economic base that represents 35.8% of national gross domestic product and is a key driver of recent economic growth in Argentina while the ratings are constrained by a high debt burden that might reach 142% of operating revenue in fiscal 2006.

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