• Mon. Jun 17th, 2024

S&P pushes Argentina’s local currency rating deeper into junk territory By Reuters

ByReuters

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© Reuters. FILE PHOTO: Argentine one hundred peso bills are displayed in this picture illustration taken September 3, 2019. REUTERS/Agustin Marcarian/Illustration/File Photo

(Reuters) – Ratings agency S&P Global (NYSE:) on Wednesday cut Argentina’s long-term local currency sovereign credit rating by two notches to “CCC-” from “CCC+” to reflect increased vulnerabilities over the next six months given the concentration in the peso-debt profile.

Argentina had conducted a local debt exchange last week offering the same dual bonds as in August 2022 to lessen peso-dominated maturities over the remainder of the year, S&P said.

“Notwithstanding additional external official financing, reflecting progress under its EFF, macroeconomic instability and a polarized political landscape are exacerbating vulnerabilities for local debt placements,” the agency added.

The agency’s outlook on Argentina remained unchanged at negative.

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