September 28, 2020
S&P Global Ratings said it downgraded La Rioja to selective default (SD) from CC after the Argentine province failed to make interest payments on its 9.75% 2025 bonds.
The rating agency added, however, that it will raise the ratings if the province comes to a restructuring agreement with its creditors.
La Rioja, a small province in western Argentina, entered a 30-day grace period on August 24 after it missed a $14.1 million interest payment. It said at the time that it planned to use the ext
Argentine province misses interest payment on its 2025 bonds after a 30-day grace period