BA Province Rolls Out Short Package

Argentina’s Buenos Aires province government plans to sell up to ARP2.5bn-equivalent ($657m) in local bonds of up to 1-year in tenor to fund its 2010 budget. The government plans 16 auctions this year, beginning today, according to Moody’s, which rates the program A3 on a national scale. Sales can be in ARP or other currency. The agency notes “economic uncertainty and cost pressures” facing the regional government, which has been reflected in weaker financial performance since 2005.