September 21, 2022 |
Fitch Ratings has downgraded Argentina's AySA by two notches to CC, based on expectations that the water company will carry out "some type of liability management" to avoid default on bonds that mature next year.
AySA has $500 million in outstanding bonds that mature in February next year, but it will likely have to refinance at least $300 million to comply with the central bank's "restrictions on hard-currency debt refinancing" under the 60-40 rule, Fitch said in a report on Monday.
If AySA ann
Argentine water company's ratings fall to CC on expectations of a "distressed debt exchange" by February, rating agency says