S&P lifts Argentina out of selective default

Standard & Poor’s raised Argentina’s long-term foreign currency rating to “CC” from “SD” (selective default), saying the default on short-term dollar-denominated paper on Dec. 19 has effectively been “cured”. The CC rating is 10 levels below investment-grade and is characterised as near default. The global ratings agency maintained Argentina’s outlook at negative, citing further restructuring of sovereign debt in coming months.

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Source: Reuters

Categories: Macroeconomy/Finance