Home / Daily Briefs / 2023 / 28 / Argentina gets downgrade on bond divestment order

Argentina gets downgrade on bond divestment order

Argentina gets downgrade on bond divestment order

March 28, 2023 | Charles Newbery
Fitch cuts the sovereign issuer's ratings to C and cites government decrees that force state entities to sell dollar bonds

Economy & Policy Corporate & Sovereign Strategy Bonds Debt Capital Markets Argentina

Fitch Ratings said it downgraded Argentina's foreign currency credit rating by two notches to C from CCC after the government ordered state-owned entities to exchange US dollar-denominated bonds for Argentine pesos, another sign of uncertainty about the country's ability to pull out of a financial crisis that began in 2018. "The C rating reflects Fitch's view that default is thus imminent," Fitch said in a report on Friday, a public holiday in Argentina. Once state-owned entities like social-sec

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