S&P lowers La Rioja

S&P said it lowered its issuer credit rating on the Argentine province of La Rioja to SD from CC and the issue rating on the province's 2025 bond to D from CC.

“We lowered our issuer credit rating to SD following the missed interest payment on the 2025 bond during its grace period. The $14.1 million interest payment was due Aug. 24 and the 30-calendar day grace period expired on Sept. 23,” S&P said in a press release.

La Rioja officials are in talks with bondholders to restructure the bond and alleviate near-term debt obligations, S&P said.

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