S&P cuts IRSA

S&P said it lowered its rating on IRSA Inversiones y Representaciones SA to SD from CC.

IRSA reported that 98.3% of the bondholders of its outstanding $181.5 million series I 10% senior unsecured notes due Nov. 14, accepted the exchange offer started on Oct. 22. The transaction was settled on Nov. 12.

“We consider the exchange offer (done in accordance with the Argentine central bank’s recently amended regulations) as distressed in nature, rather than opportunistic,” S&P said in a press release.

The agency said it will re-evaluate the issuer credit rating after assessing its liquidity after restructuring.

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