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Fitch cuts Entre Rios province
Fitch Ratings said it downgraded the Argentine province of Entre Rios’ long-term foreign- and local-currency issuer default ratings to RD from C. Fitch also downgraded the province’s 8¾% senior unsecured notes for $500 million due Feb. 8, 2025 to D from C.
The downgrade of the province’s ratings follows the nonpayment of its semiannual interest payment for $21.875 million of its 8¾% senior unsecured notes due Aug. 8, after the 30-day cure period expired on Sept. 7, which was a U.S. holiday. The failure to cure the missed payment before the grace period expired is considered an event of default as per the transaction documents and by Fitch, the agency said.
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