S&P cuts Buenos Aires Province

S&P said it downgraded Buenos Aires Province to SD from CC and the ratings on the medium-term par bond and global 2028 bond to D from CC.

The downgrade comes after the province failed to make a payment on the medium-term bond before the end of the grace period on May 14.

“We also believe the province won’t make the interest payment in on its global 2028 bond (originally due April 18) within the grace period,” S&P said in a press release.

S&P said it doesn’t assign an outlook on SD ratings, but affirmed the ratings on the province’s other issues at CC.

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