S&P cuts Mendoza

S&P said it downgraded the province of Mendoza’s issuer rating to SD from CC and the issue-level rating on its 2024 international bond to D from CC.

The downgrade follows the province’s failure to make a $24.7 million interest payment on its 2024 international bond before the 30-day grace period expired, the agency said.

“Mendoza is now the second Argentine province to enter into selective default this year, following the default by the province of Buenos Aires on May 15. The sovereign is also in selective default as it negotiates its own debt restructuring,” S&P said in a press release.

S&P affirmed the issue-level rating on its 2021 local bond at CC.

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