Moody's assigns Lima bond Baa3

Moody's Investors Service said it assigned a Baa3 long-term senior unsecured debt rating to the City of Lima's upcoming bond issuance, which is anticipated not to exceed S/. 593 million.

The bonds have a maturity of 10 years, pay interests at a fixed rate and will be issued in Peruvian Nuevo soles.

The proceeds of the issue of the bonds will serve to finance capital expenditures and to repay a portion of Lima's outstanding direct debt.

The bonds are direct, unconditional, unsecured and unsubordinated obligations of the city of Lima. As such, Moody's said the rating assigned to the bonds is equivalent to the City of Lima's Baa3 issuer rating.

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