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Bond Market News
Fitch Upgrades Province of Cordoba to ‘B-‘ with Stable Outlook
July 31, 2025
Cordoba was upgraded to B- from CCC+ by Fitch, driven by the successful issuance of $725mn in senior unsecured notes alongside a completed tender offer. These reduce Cordoba’s refinancing risks over the next 12-24 months. Fitch expects the debt service coverage ratio to strengthen to 1.6x in 2026 vs 1.0 in the last revision. Additionally, Fitch cites that Cordoba maintains a strong operating margin and liquidity, supporting its ability to meet debt obligations without external refinancing despite the challenging macroeconomic environment.
Cordoba’s 6.875% 2029s are trading stable at 95.45, yielding 8.4%.
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