ARGENTINA: S&P Upgrade Argentina L-T Ratings to CCC, Outlook Stable
Mar-15 16:42
- S&P SAYS ARGENTINA LONG-TERM RATINGS RAISED TO 'CCC' AS DEBT EXCHANGE IS FINALIZED; OUTLOOK STABLE [RTRS]
- The above action is in line with expectations. S&P had previously cut Argentina’s long-term local currency debt to selective default, from CCC-, due to the country’s debt swap earlier this week, which S&P view as a distressed exchange, equivalent to a default.
- Upon completion of the debt exchange, S&P noted that they would likely raise the long-term local currency rating back to the CCC category.
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