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Buenos Aires (City of) National Scale Rating Lowered to 'raBBB'
Standard & Poors, Jan 2002
Abstract
NEW YORK (Standard & Poor's) Jan. 14, 2002--Standard & Poor's today lowered its national scale rating on the City of Buenos Aires to ra-triple-'B' from ra-single-'A'-minus. Standard & Poor's also affirmed its triple-'C'-plus global scale rating on the city. The outlook is negative. The downgrade reflects how the deterioration in the overall economic environment in Argentina and the liquidity constraints generated by the restrictions on deposit withdrawals have negatively affected the fiscal solvency of the city's finances. This effect was demonstrated by an unprecedented fall in the city's own-generated revenues in December 2001 of 46.4% compared to the same month of 2000. Unlike most of the local governments in Argentina, the city's finances are highly dependent on its own-generated revenues,...
Companies mentioned in this report are: Buenos Aires (City of),Argentina (Republic of) (Unsolicited Ratings)
Action: Downgraded
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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