(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