Fitch trims Argentina to RD

Fitch Ratings said it downgraded Argentina's long-term foreign-currency issuer default rating to RD from CC.

“The downgrade of Argentina's foreign-currency ratings to RD follows a decree from Argentina's government that postpones upcoming payments on locally issued foreign currency debt obligations,” the agency said in a press release.

Fitch said it considers a maturity extension a “distressed debt exchange” and default on Argentina's sovereign obligations.

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