Fitch trims three Argentine local, regional governments

Fitch Ratings said it downgraded three Argentine local and regional governments following the downgrade of Argentina’s country ceiling to CCC from B- on Sept. 3.

“The downgrade of Argentina’s country ceiling to CCC reflects the recent imposition of capital controls as of Sept. 2 and risks that these could be tightened further given the sovereign's limited foreign financing options, especially as the authorities attempt to prevent a continued decline in international reserves,” said Fitch in a news release.

Fitch downgraded the city of Buenos Aires, the province of Cordoba and the province of Santa Fe.

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