Moody’s cuts Argentine governments

Moody´s Investors Service said it downgraded the issuer and debt ratings on both global and national scales and in foreign and local currencies of Argentine provinces and municipalities.

The agency changed the outlook to negative from ratings under review. This concludes the review for downgrade the agency started on Sept. 3.

The downgrades follow Moody's downgrade of the government of Argentina's local-currency and foreign-currency sovereign bond ratings to Ca from Caa2 on Friday.

“The downgrade to Ca/Ca.ar for all sub-sovereign issuers, with the exception of the city of Buenos Aires, reflects Moody's expectation that regional and local governments will incur substantial loss of market access due to the sovereign decision to restructure its upcoming debt payments,” the agency said in a press release.

Moody’s lowered the following: the province of Buenos Aires, province of Cordoba, province of Chaco, province of Chubut, province of Rio Negro, Municipality of Cordoba, city of Buenos Aires downgraded to Caa3/Caa1.ar from Caa2/B1.ar, province of Formosa, province of Misiones and province of Tucuman.

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