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S&P slashes La Rioja province
S&P said downgraded its ratings for the province of La Rioja to SD, Selective Default, from CC and its 2028 bond to D from CC.
“We lowered our issuer credit rating to SD following the missed debt payment on the 2028 bond. The $26 million debt service payment was due on Feb. 26, and the $15.9 million capital payment was not made before the three-day grace period that expired on Feb. 29,” S&P said in a press release.
The province is the first Argentine province to enter default in 2024. The agency noted the province defaulted on this bond 2020 and spent more than a year in negotiations.
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