This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Argentina was upgraded to CCC- from CCC by S&P after its recently concluded, sixth peso-debt exchange since August 2022. S&P classified this as a distressed debt exchange (DDE) given the sovereign’s macro “vulnerabilities and very limited ability to extend maturity and place paper in the local market without relying on exchanges”. Argentina had swapped ARS 42.6tn ($50.4bn) of its local debt maturing in 2024 for new notes due from 2025 to 2028. Also, last week, cut its interest rates by 2000bp to 80% on signs of inflation easing and strengthening of its currency against the dollar.
Argentina’s dollar bonds were trading stable at over 35 cents on the dollar.