September 3, 2019 |
Rating agencies Moody's and Fitch are expected to follow the lead from S&P Global and downgrade Argentina after the country extended the maturities on $57bn in bonds.
"This is for sure," said a bonds banker in New York. "The market has been pricing a 100% default in the next 12 months."
S&P cut Argentina's long-term sovereign credit ratings to CCC- with a negative outlook, saying the government's plans to delay debt payments gives rise to "heightened risk of a default."
The market lost c
Market has priced in a 100% chance of a default in the next 12 months, banker says