Argentina’s economic recession will deepen this year, before a likely recovery in 2021. We now expect an economic contraction of 3.9% this year in Argentina, a more significant contraction than our pre-coronavirus forecasts. Business activity already had declined significantly in recent months across all sectors. On 3 April, we downgraded the sovereign bond rating to Ca from Caa2 and changed the status to negative outlook from review for possible downgrade. We have also taken rating actions on a range of other debt issuers, including sub-sovereign entities, nonfinancial companies and financial institutions.