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S&P cuts Entre Rios
S&P said it downgraded the Argentine province of Entre Rios’ issuer rating to CC from CCC. On Thursday, Entre Rios said it plans to restructure its $500 million international bond due in 2025.
“Given Entre Rios' current fiscal and liquidity stress, we believe it's likely we'll consider the debt restructure as distressed and tantamount to default,” S&P said in a press release.
Entre Rios plans to use the 30-day grace period on its $22 million coupon payment (expiring on Sept. 7) to finish the restructuring, S&P said.
The outlook is negative.
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