Fitch rates Telecom Argentina notes B-

Fitch Ratings said it assigned a B-/RR2 rating to Telecom Argentina SA’s exchange bonds due 2025. The offer proposes an exchange of existing 6½% 2021 senior unsecured notes for new senior unsecured notes that amortize in approximately equal payments in 2023, 2024, and 2025.

Fitch said it expects the new notes to include an 8½% coupon along with a cash consideration.

Since the transaction isn’t meant to avoid a default, Fitch said it doesn’t consider it distressed.

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