S&P admits a mistake and raises Argentina to ‘CCC’

S&P Global Ratings raised its debt grade for Argentina to ‘CCC’ from ‘CC’, acknowledging the agency made a mistake. After bumping the rating up a notch from ‘SD’ on December 30, 2019, “we identified that we had misapplied our criteria which we are now correcting,” S&P said in a statement. However, the credit outlook remains negative which “reflects the prominent downside risks to timely and full payment of debt per our criteria over the short term amid stressed economic and financial market dynamics.”

Read more

Source: Merco Press