S&P lowers Buenos Aires local currency rating

Standard & Poor's said it lowered its global scale local currency rating on the city of Buenos Aires to CCC+ from B- and affirmed the CCC+ global scale foreign currency rating on the city.

The outlooks remain negative.

"The downgrade follows our review of the cross-default clauses included in the dollar-linked bonds that the city of Buenos Aires recently issued in the local market," said S&P credit analyst Delfina Cavanagh in a news release.

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