Fitch Trims Argentina Local Rating

Fitch Trims Argentina Local Rating

Argentina

Fitch has downgraded Argentina’s long term local currency rating to B minus from B, reflecting the country’s increased risk in meeting fiscal and external financing needs over the next 2 years and the government’s inadequate policy response to the global financial crisis. Economic growth is likely to decelerate sharply in 2009 to 1.6% due to declining terms of trade, external demand and the current administration’s inadequate policy response which has amplified the external shock on the domestic

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