Moody's rates Buenos Aires note B3

Moody's Investors Service said it assigned B3 global-scale and foreign-currency ratings and an A3.ar Argentinean national scale to the Province of Buenos Aires' planned offering of $250 million senior unsecured notes. The maximum authorized amount of the offering is $500 million.

The province plans to use note proceeds to make scheduled debt payments and for capital expenditures.

The agency said the ratings reflect economic recovery evident in the province and nationally, which has supported strong revenue growth in the years since 2002. Revenue gains have contributed to the province's better financial performance in this period.

The ratings also acknowledge the considerable economic uncertainty and financial pressures still facing the province and its financial reliance on the federal government to refinance debt maturities as they come due, Moody's said.

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