S&P cuts Argentina local currency ratings

S&P said it downgraded Argentina’s local currency sovereign credit ratings to SD from CCC-. The agency affirmed the foreign currency sovereign credit ratings at CCC-. The outlook on the long-term foreign currency sovereign credit rating remains negative.

“We lowered our local currency sovereign credit ratings on Argentina following a voluntary exchange offer of peso-denominated short-term paper on Jan. 20, 2020. We view this exchange offer as distressed and tantamount to default. The offer, in our view, exchanges securities according to their market price, although investors who participated will receive less value than the promise of the original securities,” said S&P in a press release.

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