Daily Management Review

Fitch downgrades Argentina's rating to "restricted default"


Rating agency Fitch Ratings announced a decision to lower the credit risk assessment of Argentina's long-term debt in local currency from "CC" to "RD".

The Fitch report notes that Argentina's short-term issuer default rating in national currency was lowered from "C" to "RD", and its long-term issuer default rating in national currency was lowered from "CC" to "RD".

According to the Fitch Ratings methodology, the credit risk assessments of Argentina's long-term debt obligations were reduced from a “highly speculative” level to a “restricted default”.

The decision to lower Argentina's sovereign credit rating by Fitch came after the Argentinean authorities converted $ 1.4 billion of fixed-term debt instruments maturing in the coming months into new floating-rate derivatives that must be paid later this year. Fitch considered these actions a "bad debt exchange."

source: reuters.com

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