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S&P upgrades Salta
S&P said it raised its global scale issuer credit ratings on the Argentine province of Salta to CCC+ from SD.
The agency also raised rating on Salta’s restructured 2027 international bond to CCC+ from D and the 2022 international bond backed by royalties to CCC+ from CC.
“Given that the new terms of Salta’s international bond became effective on Feb. 24, 2021, the province has cured the default and materially reduced debt service over 2022-2024. Investors holding 95.51% of bonds supported the province’s proposal,” S&P said in a press release.
The outlook is stable.
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