October 11, 2018 |
S&P Global Ratings has downgraded the Argentine province of La Rioja to B from B+ because of the provincial budget's heavy dependence on national government transfers.
The rating agency said the central government's austerity measures and its rising expenses because of higher inflation will harm La Rioja's fiscal strength.
La Rioja did have its outlook shifted to stable from negative, however, because S&P expects the province to maintain cash levels enough to service its debt over the ne
Argentine provincial bond issuer gets lowered to B from B+ due to the budget's dependence on national government transfers