S&P cuts Mendoza

S&P said it downgraded the Argentine province of Mendoza to CC from CCC-. The agency cut Mendoza to CCC- in late April.

“Our CC ratings on Mendoza reflect our view of virtual certainty of default, either by the province failing to comply with a debt service payment within the grace period or by it completing a distressed debt exchange in the next few months,” S&P said in a press release.

The outlook is negative.

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