Fitch cuts five Argentine issuers

Fitch Ratings said it downgraded the long-term foreign-currency issuer default ratings of the provinces of Chaco, Salta, Entre Rios and La Rioja as well as the municipality of Cordoba to CC from CCC-.

The downgrades follow the recent rating action on Argentina's foreign-currency rating on Friday, the agency said.

Additionally, Fitch lowered to CC from CCC- La Rioja's $318.4 million of senior unsecured step-up notes due 2028, Chaco's $262.6 million of senior unsecured step-up notes due 2028, and Salta's $357.4 million of senior unsecured step-up notes due 2027. The agency rates them at the same level as the province’s foreign-currency issuer ratings.

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