Fitch lifts Argentina out of restricted default

Fitch Ratings has upgraded Argentina's Long-Term Foreign-Currency Issuer Default Rating (IDRs) to 'CC' from 'RD', and its Short-Term Foreign-Currency IDR to 'C' from 'RD', thus reversing Friday’s cut to restricted default imposed after the government delayed payments on $9.1 billion of Treasury bills. However, Fitch said that debt service will become difficult again in the second quarter due to a wall of payments of around $25 billion, out of $64 billion due for the entire year.