S&P raises Argentina’s credit rating to CCC+

After the successful debt swaps, Argentina left behind the default, after the rating agency S&P announced on Monday that it raised the credit rating of CCC+ from selective default. S&P’s decision comes after the country reported that it got an early acceptance of 98.8% to the proposed restructuring of its debt under local legislation, close to 41 billion dollars. Days before, the government closed an agreement with the debt creditors under foreign legislation, which totalled some 65 billion dollars, with a total acceptance of 99%. It implies minor reductions in the nominal value and a significant decrease in coupons, relieving the debt service in the next three years by providing an essential fiscal space.

Source: Ámbito