S&P drops IRSA

Standard & Poor's said it lowered its foreign currency corporate credit rating on IRSA Inversiones y Representaciones SA to B- from B+.

The outlook is stable.

At the same time, the agency said it placed the B+ local currency corporate credit rating on Creditwatch with negative implications.

The agency noted that the lowering of the foreign currency corporate credit rating follows a change in the transfer and convertibility assessment for Argentina to B- from B+.

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