Fitch cuts Telecom Argentina

Fitch Ratings said it downgraded Telecom Argentina SA’s local-currency issuer default rating to B+ with a negative outlook from BB- with a stable outlook.

Fitch affirmed the company’s long-term foreign-currency IDR at CCC and affirmed the ratings on the dollar-denominated 2021 and 2026 notes at B-/RR2.

“The company has demonstrated an ability to largely pass through inflation to consumers, which blunts macroeconomic concerns to a degree. Ongoing recessionary pressure remains a key credit concern as the Argentine economic environment deteriorates,” said Fitch in a press release.

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