Fitch lifts Tarjeta Naranja

Fitch Ratings said it upgraded Tarjeta Naranja, SAU's (TN) foreign- and local-currency long-term issuer default ratings to CCC from CCC-.

“The upgrade reflects TN's reduced default risk given the recent maturity of its last international debt issuance. The latter, although small in amount, was subject to capital controls in Argentina which, if tightened could have affected TN's capacity to obtain U.S. dollars to make the payment,” Fitch said in a press release.

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