December 30, 2019 / 7:13 PM / 2 months ago

S&P raises Argentina's foreign currency rating to 'CC' from 'SD'

(Reuters) - Global ratings agency Standard & Poor’s raised Argentina’s long-term foreign currency rating to “CC” from “SD” (selective default), saying the default on short-term dollar-denominated paper on Dec. 19 has effectively been “cured”.

S&P had downgraded Argentina to “SD” on Dec. 20 after the administration of President Alberto Fernandez unilaterally extended the maturity of all short-term dollar-denominated paper on Dec. 19, and the ratings agency said it constituted as a default.

S&P maintained Argentina's outlook at negative, citing further restructuring of sovereign debt in coming months. (bit.ly/2SFIPqC)

Reporting by Devbrat Saha and Shubham Kalia in Bengaluru

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