DBRS cuts Argentina to selective default

DBRS said it downgraded Argentina’s long-term foreign- and local-currency issuer ratings to CC from B/B (high). The agency also cut the short-term issuer ratings to selective default. DBRS put the long-term foreign- and local-currency issuer ratings under review with negative implications.

DBRS cited Argentina’s decision to extend maturities on a range of debt instruments. The deferment of payments meets the agency’s definition of default, DBRS said.

Elections are scheduled for October, and DBRS noted there’s an increase in political uncertainty and the new government will face a weak economic environment.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.