Moody's rates Buenos Aires notes B2

Moody's Investors Service said it assigned a B2 global scale foreign-currency debt rating and A3.ar national scale rating to the proposed senior unsecured notes of up to $250 million to be issued by the province of Buenos Aires.

The ratings are in line with the province's long-term foreign-currency issuer ratings, Moody's said.

The outlook is stable.

The ratings reflect a view that the willingness and capacity of the province to honor these notes is in line with the province's credit quality, reflecting the B2/A3.ar foreign-currency issuer ratings, Moody's said.

The notes will be issued and denominated in dollars for an amount of up to $250 million, the agency noted.

The notes will mature in November 2019 and will amortize fully at maturity, Moody's added.

Buenos Aires will use the proceeds to fund social programs, infrastructure and other public investments, as well as to finance cash deficits, make debt service payments and improve the debt maturity profile or debt conditions of the province, the agency said.

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