Moody’s Drops Argentina

Moody’s Drops Argentina

Argentina Corporate & Sovereign Strategy

Moody's has downgraded Argentina's foreign credit rating to Caa1 from B3, it says, due to the increased defult risk coming from the US court proceedings. The move affects Argentina’s foreign-jurisdiction debt, with the agency maintaining the sovereign’s domestic-legislation debt at B3. Argentina was ordered by a US court last year to pay holdout creditors equally along with holders of its restructured debt – a ruling which threatens to send the restructured bonds into default. After oral argumen

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