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Buenos Aires (City of) Foreign Currency Rating Lowered To 'B-'; Local Currency Rating Affirmed
Standard & Poors, Nov 2008
Abstract
BUENOS AIRES (Standard & Poor's) Nov. 14, 2008--Standard & Poor's Ratings Services said today that it lowered its foreign currency issuer credit rating on City of Buenos Aires to 'B-' from 'B'. The action followed a change in our transfer and convertibility (T&C) assessment on the Republic of Argentina (B-/Stable/C) to 'B-' from 'B+'. At the same time, we affirmed our local currency issuer credit rating on the city at 'B'. The outlook is stable. The T&C assessment on Argentina is our view of the probability of the sovereign restricting access to foreign exchange needed by Argentina-based nonsovereign issuers for debt service. This assessment is now similar to the rating level associated with the likelihood of the sovereign defaulting on...
Companies mentioned in this report are: Buenos Aires (City of)
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
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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