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S&P slices Entre Rios to CCC
S&P said it downgraded the province of Entre Rios to CCC from B-, citing increasing liquidity pressures.
“The downgrade reflects our view that Entre Rios' fiscal dynamics could hamper its ability to service its debt in a timely manner in the next 12 months, without unforeseen positive developments. The Covid-19 outbreak has exacerbated the province's already stressed fiscal needs and resources and will push the operating deficit over 8% of operating revenues from 2% in 2019,” said S&P in a press release.
The outlook is negative.
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