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S&P cuts Rio Negro
S&P said it downgraded the Argentine province of Rio Negro’s issuer rating to SD from CC and the rating on its 2025 bond to D from CC.
“We lowered our issuer credit rating on Rio Negro to SD following the missed interest payment on its 2025 international bond during its grace period. The $11.6 million interest payment was originally due June 7, and had a 30-day grace period that expired on July 7, 2020. Rio Negro is now the third Argentine province to enter into selective default this year, following the provinces of Buenos Aires (May 15) and Mendoza (June 19),” S&P said in a press release.
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