Sept 3 (Reuters) - Fitch on Tuesday upgraded Argentina’s sovereign debt rating to “CC” from “restricted default” following the country’s payment of short-term debt instruments on Aug. 30.
The ratings agency, however, downgraded the country’s ceiling to ‘CCC’ from ‘B-‘, citing the recent imposition of capital controls and risks that they could be tightened further.
It also said the “CC” rating reflects Fitch’s expectation that a further default by the country or debt restructuring of some kind is probable.
Fitch had downgraded Argentine sovereign debt to “restricted default” last week. (Reporting by Shivani Singh in Bengaluru; Editing by Maju Samuel)