Moody's Upgrades Buenos Aires Rating to Caa2

The province of Buenos Aires has received an upgrade in its international credit rating, with Moody's raising the rating from Caa3 to Caa2 for the issuer and the unsecured senior debt, while maintaining a stable outlook. This upgrade reflects the strengthening of the province's fiscal and financial situation, which closed 2025 with an economic surplus despite a real decline in resources and reduced transfers from the national government. The provincial administration met all debt maturities and prioritized public investment. Additionally, S&P Global Ratings Argentina confirmed the province's rating at raBB+ with a stable outlook, highlighting the prudent management of fiscal accounts. The rating upgrade coincided with a successful public bond auction on July 23, where the province received bids totaling 284,961 million and awarded 249,530 million, exceeding the indicative amount of 200,000 million. Of the total issued, 161,286 million corresponded to a variable rate bond (TAMAR) maturing in April 2027 and 88,244 million to an instrument adjusted by CER maturing in April 2028. The oversubscription is interpreted as a sign of investor confidence in the province's repayment capacity and fiscal management.