Argentina's credit rating cut by Fitch on public-sector debt swap
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Loading... - Alison Alarcon
- 27 Mar 2023
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Argentina's credit rating has been downgraded by Fitch Ratings to the lowest level above default as the government plans to force state institutions to dispose of their holdings of dollar-denominated bonds.
Argentina's credit rating has been downgraded by Fitch Ratings to the lowest level above default as the government plans to force state institutions to dispose of their holdings of dollar-denominated bonds.
The South American country's rating was downgraded two notches to C from CCC- by Fitch, according to a statement sent on Friday.
The debt swap, announced in an official government decree on Thursday, would involve unilateral swaps and forced currency conversions that qualify as a default under Fitch's criteria.
"The 'C' rating reflects Fitch's view that a default is imminent," wrote Fitch analysts led by Todd Martinez. The rating agency said that Argentina's score would be downgraded to restrictive default when the swap occurs. Read More..
