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Moody’s: Argentina on review
Moody’s Investors Service said it placed Argentina’s Caa2-rated foreign legislation debt under review with direction uncertain.
The review will focus on the Argentine government’s response to U.S. legal rulings requiring it to pay certain holdout bondholders who have sued the government, concurrently with any payments it makes to holders of its restructured debt, Moody’s said.
In line with those rulings, the U.S. courts stopped Argentina from making a scheduled bond payment on restructured debt due June 30, the agency said.
The non-payment constitutes only a technical default, since the documentation for the restructured bonds still gives Argentina a 30-day grace period to make the payment, Moody’s said.
During this time, if sufficient progress is made in negotiations with litigating bondholders, the court injunction against servicing the restructured debt could be lifted, the agency said.
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