October 28, 2022
Fitch Ratings said it downgraded Argentina by one notch to CCC- due to "deep macroeconomic imbalances and a highly constrained external liquidity position."
Argentina secured a $44 billion extended fund facility (EFF) from the International Monetary Fund (IMF) in March, but the financing has not provided a "strong anchor" for the country to restore foreign reserves and regain access to the financial markets, Fitch said in a report on Wednesday.
In the meantime, Argentina's foreign-currency debt
Rating agency cites "deep macroeconomic imbalances" and "highly constrained" liquidity as reasons for the downgrade