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Fitch ups La Rioja to CC
Fitch Ratings said it upgraded province of La Rioja’s long-term foreign and local currency issuer default ratings to CC from C. Fitch also upgraded the province’s 9¾% senior unsecured notes of $300 million due 2025 to CC from C. The bond is rated the same as province’s IDR.
La Rioja’s CC ratings reflect that default of some kind appears probable.
The provinces’ upgrade follows the interest payment on its 9¾% senior unsecured notes within the grace period. The interest payment of $14.625 million was fully made on March 24 as confirmed in the official notice of payment published on Thursday by the province, Fitch said.
“While the Province intended to initiate conversations with its creditors to reach an agreement regarding the notes current terms, the grace period was coming to an end and at the same time the province faces important pressures in public health as the coronavirus spreads, limiting its capacity to address both topics,” the agency said in a press release.
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