S&P Global raised Argentina’s long-term ratings to “CCC” from “SD/SD,” following the results of the peso bond swap that allowed the country to kick off the equivalent of more than $50 billion in short-term maturities .
S&P Global raised Argentina’s long-term ratings to “CCC” from “SD/SD” this Friday, after the results of the bond exchange in pesos that allowed the country to kick off the equivalent of more than 50,000 million dollars in short-term maturities.
“The long-term foreign and local currency ratings of ‘CCC’ reflect the Government’s modestly improved liquidity position,” the rating agency said.
“The ‘CCC’ long-term foreign and local currency ratings reflect the Government’s modestly improved liquidity position”explained the rating agency, which added that Argentina’s long-term notes remained stable.
Previously, Standard & Poor’s indicated that “Argentina’s debt swap resolves the selective default” that the agency itself had established this week.
The improvement arranged by S&P occurred after the acceptance of 77% of the total titles in pesos that expired in 2024 and in this way more than $42 billion were cleared in the short term.
Official data reveal that the government was only able to obtain around 17.5% of the debt of private sector investors.
Source: Ambito
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